BJP to submit memo to Chidambaram

Bhopal, Feb 5 (UNI) Expressing concern regarding the interests of small investors and heavy investment by foreign institutional investors in the share and capital markets, the Bharatiya Janata Party Investors' Cell today said a four-point protest memorandum carrying 10 lakh signatures from various states would be submitted to Union Finance Minister P Chidambaram at Delhi on February 25.

''The share market is definitely bullish but the related benefit has not accrued to the country's 10 crore small investors but to foreign investors and speculators. Insecurity has increased among small investors. Foreign financial institutions have taken control of the maket and are indulging in wanton profiteering,'' Cell Convenor Arun Singh told to reporters here.

The immovable property business' situation was same as a result of which it was no longer safe for small investors to invest in the capital market and immovable property. The Centre's anomalous economic policies were to blame. During the United Progressive Alliance's tenure, a constant attempt was made to withdraw concessions to small investors and wage-earning employees, Mr Singh said.

''Foreign institutional investment (FII) has raised national security questions. At an Interpol conference, the prime minister's security advisor himself expressed apprehension that terrorist organisations were investing in the stock market. Ironically, no Permanent Account Number card or identity card are necessary for pumping foreign investors' money while a farmer has to produce a PAN card,'' he added.

The signature campaign began in Madhya Pradesh today and the first person to sign was the Chief Minister Shivraj Singh Chouhan.

The demands included re-initiation of the Income Tax Act's Section 80 L, enhancing the related concession limit to Rs 20,000, setting up of a Real Estate Regulatory Authority, issuance of a white paper by the Centre on investment through FII, doing away with compulsory PAN cards for farmers, students, housewives and senior citizens who are not in the tax net and wish to open DMAT accounts.

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