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Wednesday, November 7, 2012

terror funds being invested in stock market says - Home Minister Sushil Shinde

Some say the race is over and that Obama stands reelected; President Obama  was projected by television networks to win too.  As a succession of states fell away from Mr. Romney, a hush fell over his Boston headquarters. Advisers sounded uncharacteristically pessimistic about what they acknowledged were dwindling chances of winning an Electoral College majority. 

The results reportedly would have  immediate impact on Indian stock market.  It is stated that  Dalal Street  would prefer Obama back and that is the case with many countries except of course China.  One Portfolio manager is quoted as saying that in  the short-term, an Obama win will induce buying and a Romney win will induce some caution. 

US Elections are perhaps different and more of debates.  In India electronic media does not control the outcome as much.  While it seemed that one got exposed to Obama’s and Romney’s views on the country’s economy, on the global economy, on the environment, on ecology, on outsourcing, on global warming, on medicare, on job creation, on interest rates, on their housing policy, on education, on research, on technology, on taxation, on exports and imports, on their foreign policy, and so on – we get to hear in India, each party’s views on how corrupt their opponents are.

There are some candidates who despite all their negativism, their criminal record, their harbouring criminals, hoarding, not filing IT, having black money – still win by a huge margin, virtually unchallenged banking on their caste, money, muscle and other powers. Sad state of affairs indeed.  There is another worrying factor -  that of  terror-funding.  It is not any political comment but the Home Minister of the Nation  Sushilkumar Shinde who has said this that too while addressing the Interpol General Assembly. He is quoted as stating that credible intelligence suggests that terrorist outfits are investing in stock markets through spurious companies, setting up fictitious businesses and laundering money.  Shinde said the utmost important task was to detect the sources of such finance, including the fake currency variant, its conduits, modus-operandi and stanching its flow.

One is tempted to ask, what is action of the Govt thus far and what prevents them from taking strong action ?

At the International Forum, Shinde said, ‘Post 26/11, we have raised the level of preparedness to meet the increasingly sophisticated terrorist threats. Secondly, we have enhanced the speed and decisiveness of the response to a terrorist threat or a terrorist attack,”.  Shinde said India’s consistent and basic stand before the international community has been that there could be no justification for terrorism on any grounds: religious, political, ideological or any other.

‘terror-funding is the life blood of terrorism’  and to admit that funds are flowing unabated moved by savvy trans-national terrorists who take advantage of modern banking and stock markets to route funds, does not augur well for the Nation.      This is not the first time that a senior figure in government has warned about abuse of stock markets by terror outfits. In 2007, then national security advisor M K Narayanan – now West Bengal governor – had said that instances of such manipulation had been noticed in Chennai and Mumbai stock exchanges.   Pakistan-based terror groups have used internet tools to telling effect against India. Agencies may find it not only find it essential to keep tabs on terror funds but to also check use of information technology in spreading communal tension.

With regards – S. Sampathkumar.
7th Nov. 2012


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