Swamy backs Jaya's statement on economic terrorism

Chennai, May 30 (UNI) Janata Party president Subramanian Swamy today said AIADMK supremo J Jayalalithaa has hit the bull's eye by lambasting Union Finance Minister P Chidambaram for introducing the Participatory Note (P-Note) into the stock market.

In a statement here, he said Ms Jayalalithaa had hit the bull's eye in astutely identifying the current economic malaise and inflation in the country due to the ''reckless and criminal act of Mr Chidambaram''.

Dr Swamy said as stated by Ms Jayalalithaa, the P-note constituted 60 per cent of all financial flows into the Indian stock market.

Most of these notes were issued by the US financial multinationals and Fidelity investments, used for laundering black money, he claimed.

He alleged that the former SEBI chief was denied an extension as he insisted that SEBI rules be made applicable to P-notes. The Tarapore Committee had also recommended that P-notes be abolished or subject to SEBI rules, but it was rejected by Mr Chidambaram.

UNI WS SP NS1718