(PDF) CONFESSION OF A VICTIM OF FINANCIAL ABUSES

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CONFESSION OF A VICTIM OF FINANCIAL ABUSES

Compiled by

Debaprasad Bandyopadhyay, Akhar Bandyopadhyay

0. JUSTICE DELAYED, JUSTICE DENIED

Frankly speaking, we, the financial illiterates, know nothing about fiscal

auditing (though we have some exposure to non-neo-classical economics!)

and little knowledge about the philosophy of the law (but not about the

“law” per se). Due to our severe ignorance in these disciplinary

technologies, we are victim of several financial abuses. We are writing this

document by compiling news, stories from different sources, only for

venting out our anger, grievances and severe anxiety disorder.

Therefore, as ignorance is not an excuse, we have tried to read the

governmental provisions for escaping such humiliating abuses. We are

vexed and confused after knowing the paradoxical facts that though there

are so many protective measurements for us in the Legislature, Executive

and Judiciary in the Republic of India, there is no immediate remedy for our

pains and sufferings! Though there are dissenters or whistleblowers within

this structured disciplinary system (cf. Section –II), nothing has work

properly with immediate effects. After enlisting all the statutory bodies for

preventing abuses of the three pillars of democracy (with the help of the

fourth pillar: Media) at the Section-I, we are feeling sick—our enthusiasms

for fighting for our own money, have gone.

We are going to be hospitalized. Not only for the stresses induced by

financial abuses, but for the foods are we consuming. Foods are full of

poisons of pesticides, chemical fertilizers (that are manufactured by taking

resources from the wastes of the World War II); spurious gases are in the

air, thanks to rampant industrialization and deforestations; there is also

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scarcity of non-contaminated water. We are expecting war for water very

soon. Our docile bodies are psycho-somatically injured. Hail The Great

Green Revolution⤡!

How left over Bombs from World War2 Became 'fertilisers' for agricultural

use VIEW HERE ⤡ (As reported on February 26, 2021 ©Harpal Singh

Grewal, Pure and Eco India)

A Brief History of Our Deadly Addiction to Nitrogen Fertilizer VIEW HERE ⤡

(As reported on April 19, 2013 ©Mother Jones)

The impact of the Green Revolution on indigenous crops of India VIEW

HERE ⤡ (As reported on 01 October 2019 © Journal of Ethnic Foods)

The Green Revolution and a dark Punjab. VIEW HERE ⤡ (As reported on)

©Down to Earth 16 July 2020.

However, no bed are found in government hospitals (Availability of Hospital

beds: 0.055 per 1,000 populations, 2020. 5 hospital beds/10k population:

India ranks 155th in 167⤡ As reported on Dec 17, 2020 ©The Times of

India). I have to admit myself in a private hospital with our health

insurance cards registered in a private health insurance company—many

many thanks to the disinvestment policy of our government, to whom we

are giving heavy direct and indirect taxes⤡. We are supposed to live in a

“socialist” (cf. Preamble of the Indian Constitution) country.

Moreover, we know very well that two bullets are allotted for every Indian

citizens (my citizenship is yet to be proved by the tiresome processes of

NRC-NPR-CAA-DPB⤡ cf. Archifever⤡ BORDERS, IDENTITY, LIES AND MY

DOCILE BODY⤡ https://vimeo.com/395750005.

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Estimate of

civilian

firearms per

100 persons

Population

2017

Estimate of

firearms in

civilian

possession

Registered

firearms

Unregistered

firearms

5.3

1,342,513,000

71,101,000

9,700,000

61,401,000

(source:WIKI⤡)

Compare it with hospital beds—please find out the correlations between

the proliferation of the death industry and health care providers’ industry.

And then ask a question: Are we living within the Waste Land of the Death

Valley? “The answer, my friend, is blowin' in the wind…..The answer is

blowin' in the wind.”

The trajectory is now from the Sabarmati Asrama to the Motera stadium

for $3 billion Arms deal between India and Uncle Sam—from ahimsa to

himsa (non-violence to state-sponsored violence/state terrorism.

After visiting Sabarmati Asrama Modi-Trump duo to the Motera Stadium

(Now it is named after “living legend” Narendra Modi. It is a cricket stadium

situated inside the Sardar Patel Sports Enclave.). At that very place, the

then President Trump declared:

"I am pleased to announce that tomorrow our representatives will sign

deals to sell over US Dollar 3 Billion, in the absolute finest state of the art

military helicopters and other equipment to the Indian armed forces."

– Donald Trump ⤡ (23rd February, 2020, emphasis added)

We are feeling sicker after watching such antagonistic events.

May we then have to take recourse to a third party, a legal advisor and a

health care provider/physician? (cf. Section –III)

Or, may we search for the “outside” of this system? (cf. Section –III and IV).

What will be our praxis?

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Though the thinking persons are endangered in this type of situation and

my creativity is totally crippled⤡, still I am searching for the absurd

“outside”!

Or, may we be “criminal” like Monsieur Verdoux (Chaplin’s Movie, 1947⤡)

for regaining our lost money! This situation compels us to be professional

persons with legal conflict in collusion with my welfare state’s government.

We are remembering the trial scene of this film. Verdoux, a bank teller

before being retrenched in the context of the Second World War—the time

of great depression. European markets collapsed and recurrent bank

failures causing Verdoux to go bankrupt. Fascism was the dominant

ideology for extinguishing specially de-sign-ated humans. In order to

support his family, he devised a plan to marry rich women and then murder

them for their property. His scheme worked until his 14th victim. He then

got caught and was put into trial.

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Henri Verdoux: Wars, conflict - it's all business. One murder

makes a villain; millions, a hero. Numbers sanctify, my good

fellow!

The Prosecutor: Never, never in the history of jurisprudence

have such terrifying deeds been brought to light. Gentlemen of

the jury, you have before you a cruel and cynical monster.

Look at him!

[All heads turn towards Verdoux, who turns around himself

and looks behind towards the jury members as if it was the

jury (metaphorically representing the masters of the

universe) that is to be held guilty, and not Verdoux.]

The Prosecutor: Observe him, gentlemen. This man, who has

brains, if he had decent instincts, could have made an honest

living. And yet, he preferred to rob and murder unsuspecting

women. In fact, he made a business of it. I do not ask for

vengeance, but for the protection of society. For this mass

killer, I demand the extreme penalty: that he be put to death

on the guillotine. The State rests its case.

Judge: Monsieur Verdoux, you have been found guilty. Have

you anything to say before sentence is passed upon you?

Henri Verdoux: Oui, monsieur, I have. However remiss the

prosecutor has been in complimenting me, he at least admits

that I have brains. Thank you, Monsieur, I have. And for thirty-

five years I used them honestly. After that, nobody wanted

them. So I was forced to go into business for myself. As for

being a mass killer, does not the world encourage it? Is it not

building weapons of destruction for the sole purpose of mass

killing? Has it not blown unsuspecting women and little

children to pieces? And done it very scientifically? As a mass

killer, I am an amateur by comparison. However, I do not wish

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to lose my temper, because very shortly, I shall lose my head.

Nevertheless, upon leaving this spark of earthly existence, I

have this to say: I shall see you all... very soon... very soon.

We are also feeling like Joseph K, a character of Franz Kafka’s novel “The

Trial” (written between 1914 and 1915 and published posthumously on 26

April 1925).

One fine morning, a bank official named Joseph K., on his thirtieth birthday,

is arrested, although he does not know about his fault. One year later, on

the morning of his thirty-first birthday, two warders again come for K. They

take him to a quarry outside of town and kill him in the name of the Law. K.

lets them do so.

We are now struggling within the intervening year of K.'s case—

encountering with the invisible Law, absurdity and ambiguity of the legal

system and the Court that I cannot touch. Is it a state-induced self-

destruction? Both of us love to read the ninth chapter of this fiction. We

are trying to gain access to the law, but are forbidden by a doorkeeper,

who is just the first of many hierarchical gatekeepers with bureaucratic

complexities--each of whom is relatively powerful. We are waiting outside

the gate for many years. I know that, at the moment of our deaths, the

genitor would close the gate.

Therefore, we are appealing to the government for legalizing active

euthanasia—death without pain!!!

Appealing for legalizing Active Euthanasia or mercy killing or Physician

Assisted suicide in India VIEW HERE ⤡

Legalizing Active Euthanasia in India VIEW HERE ⤡

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I. CROSSING THE GATEKEEPERS: A LAYPERSON’S GUIDE

TO THE LEGAL PROVISIONS FOR RELIEVING FINANCIAL

ABUSES IN INDIA:

Judiciary in India is a boring, lengthy, time-consuming, painful process as

there are so many complex hierarchical legal structures (gatekeepers as in

Kafka’s novel, The Trial). Conciliation of litigation is always deferred or

delayed that entails more professional fees to the attorney! Here is a bird’s

eye view of the processes adopted by the Indian Republic for the welfare of

its citizens.

(Source: © India: Civil Courts System⤡)

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If all these processes are exhausted, litigator can have a chance to go to the

UN for possible resolutions.

Law Commission of India⤡, under Ministry of Law and Justice⤡ is an

executive body established by an order of the Government of India. Its

major function is to work for legal reform. Its membership primarily

comprises legal experts, who are entrusted a mandate by the Government.

The commission is established for a fixed tenure and works as an advisory

body to the Ministry of Law and Justice. (Source: Wiki⤡)

In case of financial abuse, the process is too much complex! There are

several vigilant agencies in India, viz., Central Vigilance Commission⤡ (CVC)

under the guidance of Chief Technical Examiner (CTE) under whom

following steps must be executed:

“Nomination of Chief Vigilance Officer (CVOs) for Public Sector

Banks/Foreign Investments; correspondence with Central Bureau of

Investigation (CBI)⤡ ; Annual Action Plan on Anti Corruption measures;

investigation of cases of frauds by the CBI and Reserve Bank of India RBI⤡;

matters under Prevention of Corruption Act⤡; preventive vigilance;

vigilance systems and procedures in RBI/PSBs/FIs and Insurance

Companies; inquiry into complaints against EDs⤡ and chairman-cum-

managing directors (CMD) of Private Savings Banks/Foreign Investments

and Vigilance Surveillance over them; major frauds in PSBs (in India and

abroad); PMO (Prime Minister’s Office) references on anti- corruption

measures; bank security; robberies and loss prevention in banks; sanction

of prosecution in case of Enforcement Directorate⤡(ED). Securities and

Exchange Board of India (SEBI) ⤡ that "...[p]rotects the interests of

investors in securities and to promote the development of, and to regulate

the securities market and for matters connected therewith or incidental

thereto.".

Now, let us talk about one another legal gatekeeper. “The law of debt

recovery in India is derived from two laws which are the Recovery of Debt

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and Bankruptcy Act, 1992 and the Securitization and Reconstruction of

Financial Assets and Security Interest Act, 2002 (SARFAESI Act).

The RDB Act established a Debt Recovery Tribunal (DRT, under Ministry of

Finance, Government of India) and a Debt Recovery Appellate Tribunal

(DRAT) which the intent of speedy proceeding for recovery of the debts.

The Debt Recovery Tribunal is managed by the.

The two laws set the judicial procedure for recovery of debts by the Bank

through the sale of secured asset mortgaged or hypothecated by the

Borrower. The SARFAESI Act provides stringent powers to the Banks and

Financial Institutions whereby, the secured asset of the borrower is

auctioned without the intervention of the DRT.

Whereas, the RDB Act provides the whole judicial proceeding before the

Debt Recovery Tribunal and the Debt Recovery Appellate Tribunal. (VIEW

HERE ⤡ (As reported on 02 Oct 2020 *Gandhi’s Birthday+ ©Latest Laws)

(Despite the existence of such laws, these types of things are common in

the contemporary India: Banks Technically Write Off Over Rs 68,000 Cr

Loans, Choksi Among 50 Top Wilful Defaulters: RTI VIEW HERE⤡)

On the other hand, Comptroller and Auditor General of India (CAG) ⤡ of

India is the Constitutional Authority in India, established under Article 148

of the Constitution of India. He is empowered to audit all receipts and

expenditure of the Government of India and the State Governments,

including those of autonomous bodies and corporations substantially

financed by the Government. The CAG is also the statutory auditor of

Government-owned corporations and conducts supplementary audit of

government companies in which the Government has an equity share of at

least 51 per cent or subsidiary companies of existing government

companies. ©Wiki⤡.

Apart from those gatekeepers, there are Rating Agencies⤡ . A private

Credit Rating Agency (CRA) ⤡ evaluates and assesses an individual’s or a

company’s creditworthiness. That is, these agencies consider a debtor’s

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income and credit lines to analyze the debtor’s ability to repay the debt or

if there is any credit risk associated. Depending on these rating agencies’

score of a company, investors are underwriting.

SEBI reserves the right to authorize and regulate credit rating agencies

according to SEBI Regulations, 1999 of the SEBI Act, 1992.

National Housing Bank (NHB) ⤡From the FY 2011-12, Ministry of Finance,

Government of India has designated National Housing Bank (NHB) as the

Common Nodal Agency for both Schedule Commercial Banks (SCBs) and

Housing Finance Companies (HFCs) ⤡ for implementation and

disbursement of subsidy under the Scheme. Earlier Reserve Bank of India

(RBI) and NHB were the Nodal Agencies, for SCBs and Housing Finance

Companies, respectively. The RBI recently issued new directions for the

Housing Finance Companies. VIEW HERE ⤡ (As reported on Feb 17, 2021 ©

The Economic Times).

On the other hand, Non-Banking Financial Company (NBFC) ⤡ is a

company registered under the Companies Act, 1956 engaged in the

business of loans and advances, acquisition of

shares/stocks/bonds/debentures/securities issued by Government or local

authority or other marketable securities of a like nature, leasing, hire-

purchase, insurance business, chit business but does not include any

institution whose principal business is that of agriculture activity, industrial

activity, purchase or sale of any goods (other than securities) or providing

any services and sale/purchase/construction of immovable property. A

non-banking institution which is a company and has principal business of

receiving deposits under any scheme of arrangement in one lump sum or in

installments by way of contributions or in any other manner, is also a non-

banking financial company (Residuary non-banking company).

The Central Economic Intelligence Bureau (CEIB)⤡ is another intelligence

agency or gatekeeper responsible for gathering information and monitoring

the economic and financial sectors for economic offences and warfare. CEIB

was setup in the year 1985. It is the nodal agency for economic intelligence

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mandated to ensure effective interaction and coordination among all the

concerned agencies in the area of economic offences. It also functions as

the clearing house of all economic intelligence and provides a platform for

such exchange between various agencies within the Department of

Revenue and other intelligence and enforcement agencies including IB,

Research and Analysis Wing (RAW)⤡, (known in security circles as the

‘Joke and Dagger’ department), CBI etc.

In addition to all these rules and regulations and bureaucratic complexities,

The Insolvency and Bankruptcy Code, 2016⤡ (IBC⤡) was introduced to

consolidate the aforementioned framework by creating a single law for

insolvency and bankruptcy. The Code received the assent of the President

of India on 28 May 2016. As claimed, the bankruptcy code is a “one stop

solution” for resolving insolvencies which previously was a long process

that did not offer an economically viable arrangement. The code aims to

protect the interests of small investors and make the process of doing

business less cumbersome. The IBC has 255 sections and 11 Schedules.

(Source: Wiki⤡). The code was amended in 2018⤡. However, the second

amendment (2020) is still to be passed in the parliament. insolvency And

Bankruptcy Board India⤡ is the regulator for overseeing insolvency

proceedings and entities like Insolvency Professional Agencies (IPA) ⤡,

Insolvency Professionals (IP) ⤡ and Information Utilities (IU) ⤡ in India. It

was established on 1 October 2016 and given statutory powers through the

Insolvency and Bankruptcy Code.

Despite such “one stop solution” for the investors, if any company comes

under such code, the investors have to follow the trajectory as depicted in

this flowchart:

 First Information Report (FIR) at the State-controlled

Economic Offences Wing (EOW) ⤡ under Criminal

Investigation Department (CID)⤡. EOWs operate

differently at different states of India.

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 An appeal to The Institute of Chartered Accountants of

India⤡

 High Court(Writ Petition / Public Interest Litigation or

PIL)⤡)

 Filing case in the National Company Law Tribunal

(NCLT)⤡ National Company Law Tribunal (NCLT) replaces

Company Law Board(CLB)⤡ From June 2016.

 Filing case in the National Company Law Appellate

Tribunal (NCLAT)⤡

 Supreme Court, India

 Report fraud, abuse and misconduct at the Office of

Audit and Investigations (OAI) ⤡ under the United

Nations Development Programme (UNDP) ⤡

 Filing petition at the UN emphasizing on the third pillar

of the United Nations Guiding Principles on Business

and Human Rights ⤡ in this context, “Access to remedy

for victims of business-related abuses”.

Though, the sad truism is that “International law is the vanishing point of

jurisprudence” ⤡, if sovereign government would cut a sorry figure to

implement all the above procedures, one, a financially abused person, has

to take their recourse to the vanishing point, i.e., parallel international

“law” (?) without hampering the sovereignty of the imagined nation

state⤡.

“The Reserve Bank of India needs to take human rights more seriously and

it should meet their human rights responsibilities without compromising

the sovereignty of our imagined nation state. It should meet their monetary

and financial responsibilities for greening the financial ecosystem (as

decided by the 36 central banks and banking supervisors in the Central

Bank and Supervisors Network⤡”, July 2019). “Protect, Respect and

Remedy⤡” (one of the 31 principles implemented by the United Nations)

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on the issue of human rights and transnational corporations and other

business enterprises.

Cf. Why Central Banks Need to Take Human Rights More Seriously VIEW

HERE ⤡ (As reported on July 15, 2019) ©African Eye Report

II. CONFLICTS WITHIN

Ufff, there are so many vigilant agencies to protect our interests. For

laypersons like us, it is very confusing. We, when amalgamating all these

lists of agencies, are feeling as if we were riding in a roller coaster. The

aftereffects of such riding are brain injury called subdural hematoma, which

causes unrelieved headaches and vertigo. For this reason, we have cut a

sorry figure to make a flowchart by interlinking all these statutory bodies.

Yes, “bodies”! Our docile bodies cannot bear this intolerable pain imposed

by these powerful and extravagant “bodies”. Despite the existence so

many vigilant agencies, we have faced existential crisis as we are victims of

financial abuses. Our nervous systems have broken down such incoherent

(from our perspectives) plexus (a network of nerves or vessels in the body)

of polymorphous power-structure of the governmentality.

We are always forced to play last innings of the cricket match, we have to

follow the ascribed rules and regulations of the Duckworth–Lewis–Stern

method (DLS) ⤡ deployed in cricket in case rain during the cricket match.

DLS, for me, is equivalent to the IBC⤡, NHB Act ⤡, Companies Act⤡ in our

rainy days. We are running out—time is also running out. It is after all the

era of speed capitalism (a la Ivan Illich)⤡. That is our halting point: world-

wide catastrophic pandemic (with inflation due to contraction of GDP by

24% in April to June, 2020). Our target has increased following Duckworth–

Lewis–Stern method (DLS) ⤡, though I, a victim of financial abuse do not

know the raison d'etre of the logico-mathematics of such legal provisions.

We have several questions in my mind: if there is so much surveillance at

the cost of taxpayers’ hard-earned money, why is the taxpayer her/himself

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suffering? Where was the Income Tax Department⤡, when X Company is

laundering “black” (racism unintended)-money? Why there are so many

cases of delayed revelations of insolvencies and bankruptcies due to

money-laundering despite there are so many vigilant agencies? Were they

sleeping, when the illicit transactions were made? And one fine morning

they discover that the Company X has some fraudulent transactions. Are all

of them not respondents for my appeal?

Anurag Singh Thakur, BJP MP (Lok Sabha, the lower house of the Indian

Parliament) Said,

"The regulator, auditor and management should be held

responsible for fraud in Punjab and Maharashtra Co-

operative Bank or other banks."(as reported on Oct 17, 2019⤡

It is well surprising that even 100% of the net worth has been eroded but

the Auditor(controlled by The Institute of Chartered Accountants of

India⤡) is signing the Balance Sheet with a remarks “True & Fair View” and

a “going concern “. It is only after the bomb get blasted that Auditor comes

to know, “Oh No it’s a Loss Balance Sheet”.

We are repeating: Why is it so? Is it due to too much surveillance without

diligent vigilance?

Despite so much vigilance on the financial matters, there are discontents

and also demands for more and more surveillance.

Policy makers must be vigilant about India’s banking sector: Ex-RBI guv

Patel VIEW HERE ⤡ (As reported on 06 Apr 2020) ©Mint

The enemy within: Financial firms must be vigilant about employee

fidelity VIEW HERE ⤡ (As reported on February 27, 2018) © Business

Standard

Why has Panopticon⤡ cf. sec.3.3 (Foucault’s metaphor for omniscient

observer as if all of us are separately captivated in cells of disciplinary

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world-wide prison-house: carceral archipelago⤡ see also The Gulag

Archipelago: An Experiment in Literary Investigation by Aleksandr

Solzhenitsyn⤡ and Archifever⤡ ) failed? If the big brother is continuously

watching us⤡, why there are such cases of complete failure of Panopticon:

the DHFL, Yes Bank, PMC Bank, PNB, The Lakshmi Vilas Bank Limited,

Leasing & Financial Services etc.? Why are there black monies, counterfeit

monies and simulated terrorism despite the “successful” (!!!) execution of

demonetization⤡(2016) ( cf. Sec. IV of the document

CONSEQUENCES OF CRONY AND MONOPOLY CAPITALISM IN INDIA: THE

CASE OF DHFL SCAM? ⤡)

The more crucial question is: Who do escape the gaze of the Panopticon?

Or the Panopticon itself deliberately ignores the dirty assholes of some

preferred one in the context of crony capitalism.

Ethical Hackers say they breached 150,000 live-feed cameras

(Panopticon), including in hospitals, prisons and schools to expose lax

security standards. VIEW HERE ⤡ (As reported on 10 Mar, 2021) ©RT

Question More

Therefore, Panoticon is not a one-way omniscient gaze as Foucault thought.

There are counter-Panopticons also.

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Such heavy-headed Legislature, Executive and Judiciary make us remember

a child with big head and small body. The disease is known as

Macrocephaly. Now we have come to make out the reason behind the

drawing cartoons of celebrities with big heads and small bodies.

Before searching for the “outside” (cf. Sec. III) of such claustrophobic

society or answering my own questions at the last section, let us try to

understand the dissenters’ voices “within” this “systematic” structure.

A. THE IBC:

Despite the fact that IBC⤡ is a “one step solution” for financial disputes, in

reality, its validity is also challenged. Many sufferers are asking a crucial

question: Is IBC an investor-friendly code or an escape route for the willful

defaulters?

The amendments (2020) of IBC mandated a minimum of 100 home buyers

to come together to file an insolvency application in the National Company

Law Tribunal (NCLT) to trigger the IBC against a defaulting developer.

SC upholds validity of IBC Amendment Act, 2020 VIEW HERE ⤡(As

reported on January 19, 2021) © Business Line

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Supreme Court upholds validity of Insolvency and Bankruptcy Code

(Amendment) Act, 2020 VIEW HERE ⤡ (As reported on 19 Jan, 2021) ©Bar

and Bench

Supreme Court Upholds Sections 3, 4 & 10 of IBC Amendment Act 2020

VIEW HERE ⤡ (As reported on 19 Jan 2021) ©Live Law

The Supreme Court upheld amendments in the Insolvency and Bankruptcy

Code that prescribe that at least 100 allottees from the same real estate

project should support the initiation of corporate insolvency resolution

process in the National Company Law Tribunal against their property

developer.

A three-judge Bench led by Justice Rohinton F. Nariman found in their 474-

page judgment, based on petitions filed by allottees of real estate projects

and money lenders who finance such property endeavours, said

“The connection with the same real estate project is crucial to

the determination of the critical mass... If it is to embrace the

total number of allottees of all projects, which a promoter of a

real estate project may be having, in one sense, it will make

the task of the applicant himself, more cumbersome. It

becomes a sword, which will cut both ways. This is for the

reason that the complaints, relating to different projects, may

be different.”

“Prescribing a time limit in regard to pending applications,

cannot be, per se, described as arbitrary; as otherwise, it

would be an endless and uncertain procedure. The

applications would remain part of the docket and also become

a Damocles Sword⤡ overhanging the debtor and the other

stakeholders with deleterious consequences also qua the

objects of the Code.”

The Chekhovian turn of the story regarding the amendments of the IBC, the

apex court said “the law came as a bolt from the blue”. This small remark

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is more than enough for challenging the validity of the IBC. It has prompted

SC to invoke Art. 142⤡.

New bankruptcy law caused disagreements between Prime Minister

Narendra Modi’s government and the RBI.

There are more discontents on this new code. I am citing here only two of

them:

Urgency to fix India’s bankruptcy code⤡ (As reported on 28 Dec 2020)

©The Mint

IBC mechanism needs structural changes to expedite faster resolution of

companies⤡ (As reported on Jan 27, 2021) © The Economic Times

Even Urjit Patel, former Reserve Bank of India Governor had a dispute with

the government, especially with the PM as the rift centered around a

February 2018 circular issued by the RBI, which forced banks to

immediately classify borrowers as defaulters when they delayed

repayments, and which barred defaulting company founders from trying to

buy back their firms during insolvency auctions. In a book released Friday,

Patel — who headed the RBI between September 2016 and his unexpected

resignation in December 2018 — said the government seemed to lose

enthusiasm for the legislation in the middle of the year he left the central

bank.

Mr. Patel wrote,

“Instead of buttressing and future-proofing the gains thus far,

an atmosphere to go easy on the pedal ensued,….Until then,

for the most part, the finance minister and I were on the same

page, with frequent conversations on enhancing the landmark

legislation’s operational efficiency.”

(Cited from the ©Financial Express)

Ex-RBI chief Urjit Patel says insolvency rules caused rift with government.

VIEW HERE ⤡ (As reported on July 24, 2020) ©Financial Express

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Mr. Patel used the term “rift”. This very term makes us remember (what a

typical and trivial word-association!) the following quote on the

degradation of soil due to rapid industrialization that leads to “irreparable

metabolic rift” in the interdependent process of social metabolism (i.e., the

human relationship):

“…Capitalist production collects the population together in

great centres, and causes the urban population to achieve an

ever-growing preponderance. This has two results. On the one

hand it concentrates the historical motive force of society; on

the other hand, it disturbs the metabolic interaction between

man and the earth, i.e. it prevents the return to the soil of its

constituent elements consumed by man in the form of food and

clothing; hence it hinders the operation of the eternal natural

condition for the lasting fertility of the soil...But by destroying

the circumstances surrounding that metabolism...it compels its

systematic restoration as a regulative law of social production,

and in a form adequate to the full development of the human

race...All progress in capitalist agriculture is a progress in the

art, not only of robbing the worker, but of robbing the soil; all

progress in increasing the fertility of the soil for a given time is

a progress toward ruining the more long-lasting sources of that

fertility...Capitalist production, therefore, only develops the

techniques and the degree of combination of the social process

of production by simultaneously undermining the original

sources of all wealth—the soil and the worker.”

--- Karl Marx, Capital, vol. I (1976), New York: Vintage, pp. 637-638.

(emphasis added) Alternate translation: Capital, vol. I (1967), New

York: International Publishers Co., Inc., pp. 505-50

The relationship between our corporals and the nature is disrupted due to

the intervention of monetarist economics that has imposed us to be a

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homo consumens at the cost of non-renewable natural resources. And as a

homo consumens, we are buying disposable commodities, consuming it and

then throwing out the non-biodegradable residues of that commodity

without a shred of hesitation. And our planet earth has become a non-

recycled waste paper basket. .

The Capitalist or monetary mode of production leads to an ever-increasing

exploitation not only of the toiling masses, but also of the scanty resources

of the natural world, which systematically destroys the ecological balance

by apparently turning humans into the “lords or possessors of nature” (As

per the Cartesian dictum). The natural metabolism characteristic to our

inherent biological constitution gets appropriated and terminated due to a

“rift” (or “metabolic rift”, i.e., a “splitting away” of the human machine-

based civilization from its intrinsic relations with nature) that occurs

between the natural world and the carbon-based human civilization. The

latter destroys soil fertility by robbing the soil through chemical fertilizers

and pesticides, causes large-scale deforestation and blindly promotes the

consumer society of conspicuous consumption in terms of the capitalist

greed for an unending multiplication of profits.

In the context of Marx’s phrase “robbing the soil”, one may associate it with

Rabindranath Tagore’s same concept in his lecture “City and Village”

(1922), which was later on elaborated by Leonard Elmhirst as “Robbery of

the Soil” in his posthumous book “Poet and Plowman” (1975) ⤡.

Bellamy Foster. ⤡

Marx's Theory of Metabolic Rift: Classical Foundations for Environmental

When we are associating these two, (a) financial ecosystem and (b) natural

ecosystem, perhaps, we are trapped by a fallacy-- “the Fallacy of Misplaced

Concreteness”—the “error of mistaking the abstract for the concrete by

using “metabolic rift” in the context of the supposed nature-culture binary

21

relationship/rift, especially when we are deploying the term “ecosystem” in

the context of culturally constituted monetarist financial market as well as

in the case of anthropogenic glocal (global+local)heating.

B. THE RBI:

Moreover, the central bank of India, i.e., the functioning of the RBI has also

been challenged.

A PIL was filed Subramanian Swamy, by praying for the CBI or ‘any other

competent authority to investigate illegalities committed by RBI officials’ in

the discharge of their functions.

Subramanian Swamy asks SC for CBI probe into RBI official's role in scams

Not only that, Subramanian Swamy commented on Shri Shaktikanta Das

(BA and MA in History!!!), the present Governor, the Reserve Bank of India:

“The new governor (of RBI) is highly corrupt. I got him removed

(from the finance ministry). I am calling Shaktikanta Das a

corrupt person. I am surprised that the man I got removed from

the finance ministry for corruption was brought in as

governor.”(emphasis added. as reported on Dec 23, 2018⤡)

©Scroll.in

This is also along with the line of Nobel laureate economist Abhijit Vinayak

Express) on the decision to appoint Shri Shaktikanta Das as RBI-Governor

arises a lot of “frightening” questions about governance issues at key

public institutions like the RBI.

C. THE HOME DIVIDED: CONTEMPORARY ECONOMIC POLICY

Parakala Prabhakar’s (FM Nirmala Sitharaman’s spouse) article, A Lodestar

to Steer The Economy

⤡

(The Hindu, October 14, 2019⤡) has created lots

of hues and cries in the public sphere (cf. a. 'I Do Criticise Economic Policies

-Pursued By Modi Govt': FM Sitharaman's Husband Parakala Prabhakar⤡ b.

Nirmala Sitharaman's husband hits out at Centre over slowdown, says govt

22

in denial⤡ c. Nirmala Sitharaman’s husband says Centre is in ‘denial mode’

about economic slowdown⤡; see also: Raghuram Rajan expresses concern

over India's economic slowdown ⤡). His logical protest against the

contemporary economic policy adopted by the ruling party of the Republic

of India, in which his spouse, Nirmala Sitharaman, the current Minister of

Finance and Corporate Affairs of India, is a part and parcel. Medias in the

public sphere have entailed that you have committed a boo-boo as “When

spouses criticise each other publicly, professional censure can end up

taking a personal toll.”⤡ .

I do disagree with this point as circulated by the media for the reasons: (a)

rational exchange of dialogue without manipulation (vada or conversazione

for the sake of tatvajijnasa without being defeated or won) as it is

mentioned in the nyaya darsana) is always to be encouraged in a free and

just society—wherever the locus of the dialogue may be: state or miniature

form of the state, i.e., monogamous heterosexual reproductive family; (b)

‘Love Lab’⤡ experiment cannot quantify the complex human relationship.

Some tabloids and TV channels like to construct gimmicks with high decibel

dins and bustles just like our present government, who are ostentatiously

displaying statues, temples, anti-green bullet train, ballistic missiles etc., by

taking foreign loans. They are appropriating stories by confusing the

relationship between the home-order and the state-order.

I am inadequately summarizing Prabhakar’s arguments against the

economy adopted by the present government for the readers’ sake

(keeping in mind the plural reading of texts):

The BJP should adopt the Rao-Singh economic architecture,

instead of just exhibiting an attitude of negation (neti-neti)

towards Nehruvian socialism for mere political vendetta, without

developing any alternative set of economic policies (niti) by

themselves. It ritualistically promoted the Gandhian economy

without implementing it in practice.

23

It has maintained its “denial mode” with regard to the ground

situation involving the crisis-hit economic sectors’ rapid slowdown.

Since its very inception, the Bharatiya Jana Sangh (the erstwhile

formation of the BJP) had been advocating a capitalist, free-

market economy (quite contrary to the svadesi ideology of the

RSS). Even in that case, the BJP has cut a sorry figure to properly

execute the capitalist economy.

Mr. Prabhakar is quite right against the counter-arguments given by his

spouse, the Hon. Madam FM as we, along with our grandparents and

parents had enjoyed the following consequences of Nehruvian economy:

i) the Public Distribution System (PDS), but our progeny do not get

that privilege;

ii) free government education and got the benefits of National

Talent Scholarship; and

iii) Our grandparents and parents, as we have observed, had never

been burnt by the heat of rapid bankruptcies of different PSU and

Private sector Banks. They were not at all bothered about

banking.

Hon. Madam FM has already opposed the branding of “their” economy as

“Crony Capitalism”:

a) 'Not working for damaads': FM Nirmala Sitharaman fires back at

Congress over 'crony capitalists' jibe as reported on Feb 12, 2021⤡ .

b) "Free Food Grain, Cooking Gas": Nirmala Sitharaman Rebuts Crony Slur

as reported on Feb 12, 2021⤡

c) 'Who takes Mudra loans, damaads?' Sitharaman's dig at opposition over

crony capitalism remark as reported on Feb 12, 2021⤡

d) PM Modi works for common people not for crony capitalists, says FM

Nirmala Sitharaman in Lok Sabha as reported on 13 February, 2021. ⤡

24

Paradoxically enough, for an instance, the DHFL (For details, cf., DHFL

SCAM AT A GLANCE: FROM THE PERSPECTIVES OF AILING FD HOLDERS

VIEW HERE ⤡). is allegedly and plan fully handed over or gifted to the

father-in-law of a damaad of a business tycoon, a close associate of the

ruling party, in a throwaway price. Moreover, BJP’s Declared Assets

increased by a staggering 627% in 10 Years (for more information please

view: FOLLOWING THE SANĀTANA DHARMA: GREEDY ACCUMULATION

OR RENUNCIATION? QUESTIONS FROM AILING DHFL FD HOLDERS TO THE

PRESIDENT OF INDIA VIEW HERE ⤡) How can it be done without cronies? It

is really a nerve-wracking existence for me. The home of Hon. FM is not

only divided on this issue, the home of the Sangh Parivar is also divided.

May we then take our recourse to the Mahalanobis Model⤡? Why Not

Weekly, Vol. 25, Issue No. 1, 06 Jan, 1990 )?

Surprisingly enough, it may be a case of post hoc ergo propter hoc at the

time of rampant bankruptcies in India, the Sveriges Riksbank Prize in

Economic Sciences in Memory of Alfred Nobel 2020, was awarded jointly to

Paul R. Milgrom and Robert B. Wilson “for improvements to auction theory

and inventions of new auction formats” with reference to game theory.

VIEW HERE ⤡, when peculiar biddings on DHFL were going on under the

COC. (For critical and praiseworthy negative analysis of this Auction Theory,

In spite of these facts of our sufferings due to the economic policies of the

government, Hon. FM Madam, we are sure, would negate the above

enunciations as she did in the past with counter-arguments:

 How Finance Minister Reacted To Husband's Critique On

Economy, And Advice (as reported on October 15, 2019) ⤡

 Key reforms done: Nirmala Sitharaman responds to

husband's critique (as reported on October 15, 2019) ⤡

25

According to Hon. Madam FM,

“All the reforms have taken place between 2014 and 2019

[during the NDA rule] and the deep reforms like the GST were

not introduced by the Congress. IBC and Aadhaar were

introduced and amendments were carried out. The Ujjawala

scheme benefited 8 lakh women. Many changes were made to

the tax structure. After October 1, start-ups will now have to

pay the lowest tax in India. All these should have also been

praised.”

She has also insisted on public banks to give loans instead of using reverse

repo or reverse repurchase agreements. (As reported on Dec 20, 2019⤡)

We have utter disagreements with the Hon. Madam FM’s descriptive

listings and almost fully in agreement with Mr. Prabhakar’s discursive

formation with explanatory adequacy, we would probably not be

annihilated as we are not inhabitants of regimented society, where the

fundamental human rights are compromised and there is no provision for

the Article 19 of the Constitution of the Indian Republic⤡.

Reiterating the Directive Principles of State Policy Article 39 (c) ⤡,

“The State shall, in particular, direct its policy towards securing:

that the operation of the economic system does not result in the

concentration of wealth and means of production to the common

detriment.”

We, not only as victims of financial abuse due to simulated (a la Baudrillard)

crisis of monopoly capitalism, but along with all the sufferers and victims of

contemporary economic policy, are urging for a green decentralized self-

reliant party-less, moneyless free and just society characterized by

horizontal mutual aid; or else we would have to suffer continuously from

recurring bankruptcies, inflations and the catastrophic consequences of

glocal heating. (This issue has been elaborated in Sec. IV)

26

D. THE JUDICIARY:

When Socrates was sentenced to death by the approval of the majority

(399 BC), the power of judicial (or any other form of) dialogue was

revealed. The forced death of Socrates does not entail the forced death of

dialogue but instead proves the celebration of dialogue. From the

perspective of authority, dialogue is something poisonous and the initiator

of dialogue could be terminated solely by poisonous remedies. Here comes

Plato’s pharmacy—poison as well as nectar…..

However, Socrates got justice 2,400 years after his death by consuming

hemlock. Justice delayed, justice denied?

Not guilty: Socrates narrowly acquitted 2,400 years after death VIEW

To elaborate the relevance of such re-trial in the contemporary context, I

am citing some portions of the above report:

“Socrates’ sentencing to death has modern-day implications, as the issues

of freedom of speech are as resonant today, as they were 2,400 years ago,

say the organizers of the mock re-trial."The issues that we will be debating

here are global issues and are very pertinent," Anthony Papadimitriou, a

lawyer and president of the foundation who spoke for the prosecution, said

ahead of the trial."For instance, they are closely related to the Arab Spring,"

he added as cited by AFP. The reenactment comes as Greece is heading to a

new emergency parliamentary election on June 17 after the previous

parliament failed to form a government. Radical left-wing party Syriza is

leading the opinion polls. Its leader has threatened to pull out of an

international bailout agreement, under which the debt-ridden country

received credits from the EU and the IMF in exchange for severe austerity

measures."Greece might be going through a difficult period, but we believe

that we shall overcome as we have overcome the Romans, the Turks, the

Germans and hemlock," Papadimitriou joked."I also hope that we shall

27

overcome the wisdom of Greek voters."At an earlier enactment of the trial

in New York last year, Socrates was likewise acquitted.” (Emphasis added)

This type of reverting back of the older judgment has also been observed in

the inquisition of Galileo, when the Vatican City rectified them:

After 350 Years, Vatican Says Galileo Was Right: It Moves VIEW HERE ⤡

Thus, Spatio-temporal judgments are not universal. However, in present

situation, it will be difficult for us to hire a lawyer— we cannot afford it. On

the other hand, unlike Socrates, we cannot plead for ourselves in the trial

before more than 500 jurors. There are discriminations in between haves

and have-nots in the Indian judiciary.

Here's proof that poor get gallows, rich mostly escape. VIEW HERE ⤡ (As

Judiciary ramshackled, going to court is useless: Ex-CJI Ranjan Gogoi VIEW

"Who goes to the court? You go to the court and regret," Gogoi said, adding

that it is those who can afford to take chances, such as the big corporate,

who approach the courts. "If you go to the court, you would be washing

dirty linen in the court. You will not get a verdict,"

"You want a 5 trillion dollar economy but you have a ramshackled

judiciary," he commented, adding that during the pandemic, 60 lakh

cases were added at the trial courts, 3 lakh in high courts and nearly

7,000 in the apex court.

"The road map is to have the right man for the job. You don’t appoint

judges as you appoint officers in the government. To be a judge is a full

time commitment. It is a passion. There are no working hours," he said,

stressing that the training of judges should be robust.

CONFESSION OF A VICTIM OF FINANCIAL ABUSES

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