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Ministers will hand over their businesses to trusts: Khurshid
By
siliconindia news bureau
| |
Bangalore: With the Prime Minister's call to his Cabinet colleagues to refrain from any business dealings, India's Corporate Affairs Minister Salman Khurshid suggested that ministers should give their businesses over to a trust, as practiced in the U.S., reports PTI. The Prime Minister has asked his Cabinet colleagues to disclose details about their assets and liabilities.
"American presidents normally give their business over to a trust during their presidency and it becomes transparent who's running it, for what they are running it and the president or the politician concerned does not have a day-to-day involvement in the business," Khurshid pointed out. "I think it's something like that what the prime minister wants to achieve for us. It's a welcome move and I am sure, the nuts and bolts of that can be put in place as we move forward," Khurshid told PTI, adding that such a step is likely to draw support from across the board.
The ministers have also been advised to severe all connections, short of divesting themselves of the ownership, with the conduct and management of any business in which they were interested before their appointment as ministers. In a code of conduct for ministers of both the Centre and the states, Singh had emphasised on the need for providing the particulars of all immovable properties and the value of shares and debentures, cash holdings and jewellery.
Although the code has no legal backing, still it is expected of all ministers to adhere to the code. The authority for ensuring the observance of the code is the prime minister in the case of Union ministers and the prime minister and Union home minister in the case of chief ministers. State ministers should report to the chief ministers.
Also, the Finance Minister Pranab Mukherjee and Urban Development Minister S Jaipal Reddy welcomed the decision. "It is a normal practice. That is whenever you give statement of assets and liabilities annually, the statement has to be given to the prime minister and to the Speaker," Mukherjee said.
"American presidents normally give their business over to a trust during their presidency and it becomes transparent who's running it, for what they are running it and the president or the politician concerned does not have a day-to-day involvement in the business," Khurshid pointed out. "I think it's something like that what the prime minister wants to achieve for us. It's a welcome move and I am sure, the nuts and bolts of that can be put in place as we move forward," Khurshid told PTI, adding that such a step is likely to draw support from across the board.
The ministers have also been advised to severe all connections, short of divesting themselves of the ownership, with the conduct and management of any business in which they were interested before their appointment as ministers. In a code of conduct for ministers of both the Centre and the states, Singh had emphasised on the need for providing the particulars of all immovable properties and the value of shares and debentures, cash holdings and jewellery.
Although the code has no legal backing, still it is expected of all ministers to adhere to the code. The authority for ensuring the observance of the code is the prime minister in the case of Union ministers and the prime minister and Union home minister in the case of chief ministers. State ministers should report to the chief ministers.
Also, the Finance Minister Pranab Mukherjee and Urban Development Minister S Jaipal Reddy welcomed the decision. "It is a normal practice. That is whenever you give statement of assets and liabilities annually, the statement has to be given to the prime minister and to the Speaker," Mukherjee said.
Reader's comments(3)
1: During and before Indira gandhi and Morarji
Desai, there was only few ministers and
almonst non state level ministers, there was
lot better control. Now a days almost all
parliamentrian of ruling parties have some
short of ministry, it is well known that they
know nothing about respective field and
management. Now curroption is rised 100 fold
in last 2 decades and its huge. This is
completely non sense, except providing
opportunity for curroption. When we have time
of opportunity at world stage we comparing
our system with male functionning west, we
was not doing same when they was very clean
and efficient.
Posted by: Saran - 05 Feb, 2010
2: Ministers being businessmen is unthinkable. I
believe that the best government is a very
small government. A government's job is to
govern and nothing else. It has three
agencies at its disposal to achieve that end:
The Police, fpr protection within a country's
borders. An Army to guard a country from
external aggression and a Judicial System to
protect its citizens from illegal
shenanigans. A government does not need
astronomical financial resources to achieve
these ends.
Every area of enterprise can be managed by private industry, including a country's infrastructure which means roads, railways, radiowaves, etc. It's government interference into the economy that results in trillions of dollars in local currencies to be wasted and looted.
Politicians consider themselves unaccountable to the masses and therefore do not see a need for any sense of urgency to starting, implementing and ending public projects. Another reason for the waste is that there will always be an endless supply of money through taxation and as long as government projects are initiated under the guise of the Public Good, then anything goes.
If India or any other socialist country needs a Minister, then there should be a Minister for Progress. Then let's see how many of these looters want to be elected to that position.
Every area of enterprise can be managed by private industry, including a country's infrastructure which means roads, railways, radiowaves, etc. It's government interference into the economy that results in trillions of dollars in local currencies to be wasted and looted.
Politicians consider themselves unaccountable to the masses and therefore do not see a need for any sense of urgency to starting, implementing and ending public projects. Another reason for the waste is that there will always be an endless supply of money through taxation and as long as government projects are initiated under the guise of the Public Good, then anything goes.
If India or any other socialist country needs a Minister, then there should be a Minister for Progress. Then let's see how many of these looters want to be elected to that position.
Posted by: OneZOpinion - 05 Feb, 2010
3: Ministers being business is unthinkable. I
believe that the best government is a very
small government. A government's job is to
govern and nothing else. It has three
agencies at its disposal to achieve that end:
The Police, to protect protection within a
country's borders. And army to guard a
country from external aggression and a
judicial system to protect its citizens from
illegal shenanigans. A government does not
need extranomical financial resources to
achieve these ends.
Every area of enterprise can be managed by private industry, including a country's infrastructure which means roads, railways, radiowaves, etc. It's government interference into the economy that results in trillions of dollars in local currencies to be wasted and looted.
Politicians consider themselves unaccountable to the masses and therefore do not see a need for any sense of urgency. Another reason for the waste is that there will always be an endless supply of money through taxation and as long as government projects are initiated under the guise of the Public Good, then anything goes.
If India or any other socialist country needs a Minister, then there should be a Minister for Progress. Then let's see how many of these looters want to be elected to that position.
Every area of enterprise can be managed by private industry, including a country's infrastructure which means roads, railways, radiowaves, etc. It's government interference into the economy that results in trillions of dollars in local currencies to be wasted and looted.
Politicians consider themselves unaccountable to the masses and therefore do not see a need for any sense of urgency. Another reason for the waste is that there will always be an endless supply of money through taxation and as long as government projects are initiated under the guise of the Public Good, then anything goes.
If India or any other socialist country needs a Minister, then there should be a Minister for Progress. Then let's see how many of these looters want to be elected to that position.
Posted by: OneOpinion - 05 Feb, 2010
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