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PC clarifies on cartoon in FC by KR Sudhaman

-The Financial Chronicle

Finance minister P Chidambaram on Monday sa­id neither he nor his colleagues talked about “zero loss” in connection with the CAG report, as inferred in a cartoon in the August 27 edition of Financial Chronicle, and in a report in another daily.

The FC cartoon showed him holding a paper that said “zero loss theory”.

Chidambaram said the statement is being issued to set the “record straight”, and clarified that at their media briefing on August 24 neither he nor law minister Salman Khurshid or coal minister Sriparakash Jaiswal talked about “zero loss” in connection with the CAG report on the allocation of coal blocks.

“None of us used the phrase ‘zero loss’. Nevertheless, a section of the press has incorrectly reported that the government claimed that there was ‘zero loss’ in the allocation of coal blocks,” he said in the statement. “What I said was, if coal is not mined, if coal remains buried in mother earth, where is the loss. The loss can arise only if one tonne of coal is taken out of mother earth, and sold at some unacceptable price or value,” Chidambaram said.

He said one of the reporters asked a question whether he was claiming that there was zero loss. “To which I replied: ‘You are putting words in my mouth. I said the question of loss or gain arises only in respect of coal actually mined from any of the 57 blocks. If the coal is not being mined, there is no question of a gain or a loss. That is what I said. So please quote me accurately,” Chidambaram said.

Reacting to Chidambaram’s remarks, BJP leader Arun Jaitley had said “if someone takes out money from Chidambaram’s bank account, puts it in one’s own account but doesn’t encash it, will he (Chidambaram) assume he has not suffered a loss?”

“Once the coal blocks are allotted to private parties, the right to mine lies with them, and not the government. Even without actual mining, the government has lost control over these mines,” Jaitley said.