Arun Jaitley :2G Spectrum policy in UPA was corrupt policy

New Delhi Dec 21: Union Finance Minister has reacted to the verdict delivered by a court in 2G spectrum case. The court has acquitted former Telecom Minister A Raja and DMK MP Kanimozhi and 17 others in the case.

Speaking to the media on the verdict Finance Minister Arun Jaitley has said that "The Congress party leaders are treating this judgment as some kind of badge of honour and the certification that the 2G Allocation was an honest policy ."

Jaitley has added that "in 2007-2008 the spectrum was given not by an Auction and not by a market mechanism determining the price of 2007-08 but on the basis of a price discovery which was made in 2001 ."

He added that "In 2007-08 Spectrum was allocated by the UPA government on basis of 2001 prices for license the spectrum price was fixed at Rs 1734 cr.even within the policy implementation there was a huge element of Arbitrations.The first come first serve policy was intended to serve only a selected few and this policy was changed to first come first pay policy and the few companies were informed in advance about the policy."

Jaitley added that "The Supreme Court in 2012 had canceled the 122 licenses obtained by the company and this indicates that the policy was a corrupt or dishonest policy. The policy was quashed by the supreme court as it was intended to loss revenue to the government and the apex court has directed the government to auction the spectrum".