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| Home / India News Archives / August 2002 / PUBLIC MONEY LOCKED UP IN LITIGATION |
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PUBLIC MONEY LOCKED UP IN LITIGATION New Delhi - August 27, 2002 A large sum of Rs. 152 797.98 crores of public money is locked up in litigation in various fora for direct and indirect taxes and courts of law as on March 31 2002. Of the total amount Rs. 110,000 crores are locked up in cases of debt recovery before the Debt Recovery Tribunals. This money was taken by various companies and business houses as loan from Government banks and public financial institutions. In the area of direct taxes Rs. 25,080 crores is locked up before Commissioners of Income Tax (Appeals) all over the country Rs. 7,569 crores before Income Tax Appellate Tribunals Rs. 2,127 crores before Supreme Court and High Courts and Rs. 8,021.98 crores on account of indirect taxes before various fora of indirect taxes. The cumulative public money locked up in litigation on account of direct taxes and indirect taxes went up from Rs. 31349.79 crores as on March 31, 2000 to Rs. 32764.75 crores on March 21 2001 and to Rs. 42797.98 crores on March 31 2002. These exclude the public money locked up in loans given by Government banks and public financial institutions. Meanwhile, the Government has taken various steps for speeding up the disposal of debt recovery cases and those involving income tax and excise duties. The President has already promulgated an Ordinance for debt recovery with a view to ensuring faster recovery of debts from companies and business houses. Besides the rules and procedures of judicial and quasi- judicial bodies have been simplified on the basis of the advice and recommendations of expert bodies like the Law Commission and the Malimath Committee. Special tribunals like Income Tax Appellate Tribunals have been set up to expedite disposal of cases. In addition whenever stays are granted by the courts all efforts are made to get the stays vacated for deciding the cases on priority. Measures are also taken to get the pending cases finalized by bunching them issue-wise and by cases covered by earlier judgements of the Supreme Court and High Courts and requesting the courts concerned for early hearing and one time disposal of such cases. Continuous monitoring and coordination of the work relating to court cases is also undertaken in collaboration with legal agencies handling court cases on behalf of the Government. Press Release by: PIB - MYS : NC : 27.8.2002
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