Subbarao says 2G not a 'scam', gives Chidambaram clean chit
RBI Governor D Subbarao today appeared before a Parliamentary panel inquiring into the 2G spectrum allocation 'scam' and said he did not agree with the controversial Finance Ministry note which suggested that Finance Minister P Chidambaram could have insisted on auctioning the spectrum.
He also rejected suggestions that allocation of radiowaves resulted in a loss – virtually brushing aside the 2G scam case.
Subbarao, who appeared before JPC on 2G scam as a former Finance Secretary, told the panel that he was in disagreement with the March 25, 2011 note of the Finance Ministry to the Prime Minister which suggested that Chidambaram could have insisted on auctioning the 2G spectrum instead of it being allowed to be allocated on first-come first-served basis.
Chidambaram said in a meeting with then Telecom Minister A Raja on January 30, 2008 that "he was for now not seeking to revisit the current regimes for entry fee or revenue share" of spectrum, the note said.
When asked about the issue of loss incurred by not auctioning the spectrum, Subbarao - who was Finance Secretary between April 30, 2007 and September 4, 2008 - is learnt to have said that while there was no loss to the exchequer, even if there was, it was only notional in nature. He said there was no monetary loss in actual terms.
"Much depends on perception," he is learnt to have told the JPC.
He is also understood to have said that there was no deliberate delay on his part in responding to a Department
Intellectual dishonesty Mr.Subbarao
shashi | 22-Sep-2012Reply | Forward He has been compensated for supporting the scam or the scheme of the Century!He should be sacked immediately from the post of RBI Governor for gross negligence in his duty.
Failure of IAS
Vyas K Susarla | 25-Sep-2012Reply | Forward If best brains like Subbarao cannot deliver the best who else can? Retired men should not be reemployed by govt.
A Raja And Chidu Both gave Loss together
Rajneesh | 22-Sep-2012Reply | Forward The spectrum are sold again country is getting around 7 lakh crore , the base Price is 14000 crore And previously it was sold at 1400rs crore. Still Congress and Media fooled people thinks its not scam, this is ridiculous .It is a scam
Citizen | 20-Sep-2012Reply | Forward It is not a scam. Shame RBI governer. Raja buys the spectrum at throw away price and then he sublets or sell the spectrum at premium. Pockets the difference and turn wealthy. Is this not stealing or acting as broker on part of Raja and other politician.What a cover up show
p gandhi | 25-Sep-2012Reply | Forward Rightly said, if it was not a scam, then Mr.Subbarao should have filed a petition before honble Supreme Court that it was improper to send Raja,Kanimoji to jail. He should also get CAG office locked for ever. What a brazen variance vis-a-vis CAG and SC. Reason given is perception. Any thief will give his perception that he was in need so he committed the theft.
