Kerala budget 2023: Petrol, diesel prices to rise; non-electric cars, homes, land & liquor to be costlier
The budget allocated Rs 1,000 crore through Kerala Infrastructure Investment Fund Board (KIIFB) for development of Vizhinjam ring road as an industrial corridor.
The CM also said that BJP runs the government for the corporate houses, and it is they who are ignoring the poor.
Then the counsel for KIIFB submitted that RBI has not so far filed any response in the case as the court has suo motu impleaded RBI and issued notice to it.
The Kerala High Court held that there is no justification for the petitioners being repeatedly summoned by the officers of the ED.
ED is probing the contravention of regulations of the Foreign Exchange Management Act (FEMA) in the issuance of masala bonds by the Kerala Infrastructure Investment Fund Board.
However, the court orally instructed the central agency not to take coercive steps pursuant to its impugned summonses.
Further, the RBI had given specific authorisation to KIIFB in 2018 to issue Rupee Denominated Bonds for Rs 2,672.8 crore under the extant RDB framework.
It depends on the subsequent satisfaction of the officer who is conducting the inquiry, it said.
Satheesan said the ED is supposed to investigate money laundering and in the instant matter there are no such allegations.
He claimed that the ED probe into Kerala Infrastructure Investment Fund Board (KIIFB) has a "clear cut political objective" which was to hamper the development in the southern state.
T M Thomas Isaac, economist, CPM central committee member and two-time finance minister of Kerala, is on a party-imposed break from electoral politics.
The ED is probing about KIIFB raising foreign fund through masala bonds.
The state has to increase its investment in infrastructure significantly for the creation of a new Kerala (Navakeralam), said former finance minister T M Thomas Isaac.
This year it will go down by D3,578 cr from previously calculated NBC of D32,439 crore
The explanation was in a statement tabled in the assembly.
The recently-formed department carved out of the planning and economic affairs department is directly monitored by the chief minister.
First phase of the 717-crore project includes the development of roads leading to the medical college; initial work for the second phase has started.
V Nagarajan Naidu opined that the state should follow a growth-oriented strategy to tackle the debt menace.