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Government to Introduce New Mallya Cess to Recover the Money Lost by PSU Banks

11, Mar 2016 By electroman

New Delhi: Soon after the news of Vijay Mallya escaping the country made headlines, the central government has announced a new cess called Mallya cess to cover the losses of PSU Banks.

Vijay Mallya celebrating Mallya cess
Vijay Mallya celebrating Mallya cess

This cess has to be paid by people drinking beer, watching IPL and Formula One, frequent flyers and people who have Kingfisher calendar subscriptions.

The money collected through this cess will be used to bail out PSU banks which dumped money in the bottomless pit aka Kingfisher Airlines. Arun Jaitley also announced that the government will now put in place strict guidelines to recover loans given to farmers and small businesses. He also said that they will seize their assets if necessary.

In his role as Information and Broadcasting minister, Mr. Arun Jaitley has also instructed all news channels to be very careful while presenting news about this new cess. “It must not sound like we are paying Mallya any more money through this cess”, said Mr. Jaitley.

When asked whether the government isn’t trying to bring Mallya back, Mr Jaitley said, “Well we are trying to bring him back and pay the loans but as we know from past experience, once a wealthy businessman reaches UK, there is little chance of him returning.”

Arun Jaitley also explained that this cess is important and for the welfare of the banks which in a way will help the nation’s development.

When asked whether it is a waste of taxpayers’ money to bail out banks who gave these loans, Mr. Jaitley said, “Tax money is being used to fly Air India, subsidize lifetime education at JNU and to build giant Sardar Patel statues. When everyone is fine with all that then why should they have any problem with paying Mallya’s loans?”

Vijay Mallya has welcomed this decision by the government and has hoped that he is now free of all debts. To celebrate this announcement, Mr. Mallya has already organized a party on a Mediterranean island resort.