Vadodara: Criticising the government decision to raise the authorised capital of Exim Bank from Rs 2,000 crore to Rs 10,000 crore, local BJP MP Balkrishna Shukla on Sunday said that the government was bypassing the Parliament to push the measure.
Talking to newsmen here, Shukla said, "I had initiated discussion on it when the government introduced the Export Import Bank of India amendment bill 2011 in the Lok Sabha. The bill aimed to enhance the authorised capital of Exim Bank from the existing Rs 2,000 crore to Rs 10,000 crore."
The Bill seeks to empower the Centre to raise the authorised capital of Exim Bank from time to time through executive orders, he said and questioned the objective behind enhancing bank's capital saying "What was the need for such a bill and for whose benefit?”
The bill was passed during the recent winter session of the Parliament after Namo Narain Meena, Minister of State for Finance, assured the Lower House that supremacy of Parliament was not being diluted and that MPs would have a say in future capital enhancements of Exim Bank.
"Capital infusion is made through Budget provision. It will have to come to you for approval," Meena had said, responding to members of opposition parties who were concerned over an open-ended provision in the Bill.