CBI Launches Probe Against Former Finance Secretary Arvind Mayaram 

The Finance department has been through some mrky waters both in the past and also in recent years. There have been allegations about selectivism , historical watermark blunder and also the age old measures to prevent the circulation of counterfeit currency. Thanks to the radical modernization under Piyush Goyal and Arun Jaitley the finance department went through – there had been a switch to these once recurring issues and the department earnt a seemingly transparent reputation. But as old problems tend to , there have been a recent incident – which has again cast a doubt on the ministry’s transparency yet again.

The Controversy 

The alleged Currency Printing Controversy that has been making circles in hallways to roadside teastalls has been the talk of the nation for a while. The main allegation is against former finance secretary Arvind Mayaram – who is accused of extending a contract illegally to UK based company De La Rue International for a colour shift in security thread ( Green to Blue) – for a period of 5 years. This has both enraged the domestic exchequers and the higher echelons of Delhi.

To put the whole event in words – an example might come in handy. Suppose there are two entities – A and B – where A has a product that is unique to them – and B as a client enjoys the facility of the product. Now suppose , there comes another entity C who has a product that caters to that same need to B better , but since B and A share a deep bond from the past – B completely ignores the extending a tender – and completely hands out an extension to A. It flouts every law of fair trade opportunities and when federal sectors indulge in such practices – the goodwill of the administration of a country is jeopardized. Arvind Mayaram kind of did the same to De La Rue International – by illegally extending its 5 year contract by an additional 2 years.

Outcome 

The Investigative Branch of Finance department has issued a notice against the whole board of management during the tenure of Arvind Mayaram as secretary. The deep probe aims at uncovering any potential links and unauthorized deals as well – as Finance Minister Nirmala Sitharaman was quoted saying : “ We have a zero tolerance policy regarding unethical practices and the department will wholeheartedly co operate with the investigative body and bring the matter to justice at the earliest possible. “