The Government of India owns the Punjab National Bank in the name of the President of India. In other words, it means that the government purchased banks, including PNB, with the use of taxpayers’ money, i.e. the public exchequer.
The Fugitive Economic Offenders Act was passed by the Indian government, and Nirav Modi’s properties in India were attached. The majority of Modi’s assets have already been taken by the Indian government.
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Out of a total of 13000 crores, the amount recovered appears to have surpassed 7000 crores through the following means.
Nirav Modi’s Hong Kong godown was raided for jewels worth Rs 1,350 crore.
Nirav Modi’s assets were auctioned off for Rs 51 crore.
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PNB received Rs 24 crore from the US as the first installment of recovery.
The ED raided 35 Nirav Modi properties and recovered Rs 549 crore.
Nirav Modi’s assets were taken by the ED for a total of Rs 5,100 crore.
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Why do we pay more than the product’s cost? They add taxes and raise the price at every level, from the procurement of raw materials for manufacturing a product through the delivery of the product to a retail client. Why do we put up with it? We do it because we believe that our contribution to the country will be utilized to benefit us and our country indirectly.
But what if all of our money went to a select few? Should it have an impact on us? To save the banks, the government will have to pour in more money, leaving less money for development or imposing higher taxes on us to make up for the losses.
Remember how the government refused to decrease the price of gasoline despite the fact that the price of crude oil had dropped to an all-time low on the international market? In order to have more money for development, they squeezed India’s poor people. Now, the money raised will be used to compensate banks for losses incurred as a result of lending to super-rich persons who live a lavish lifestyle. The poor, for whom even Rs 100 is a significant sum, are pressed to support the super-rich. It’s both amusing and aggravating at the same time.
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