Dharamshala: An official motion and resolution to constitute a review committee to probe the prospect of Gang Jong Development Finance Private Limited (GDF) was passed with a high majority in the house during the final day of the budget session of the 17th Tibetan Parliament-in-Exile.
Established under the leadership of the previous Kashag (15th Kashag) Gangjong Finance is registered under the Reserve Bank of India (RBI) as a Non-Banking Finance Company with an aim to grant small loans to thousands of micro and small Tibetan enterprises in India. It was the vision of the previous Kashag to transform this into a bank of the first choice for Tibetans and thereby advance the resilience of the Tibetan community into becoming a self-reliant and sufficient community.
During the second parliament session, the incumbent Finance Kalon, Sikyong Penpa Tsering of the 16th Kashag voiced concerns regarding the prospect of Gangjong Finance after Kashag’s review of the economic condition of the GDF which they stated was found to have reached an impasse. In order to sustain and continue to govern the project, Sikyong put forth a proposal to constitute a review committee to decide its continuity.
Following much discussion and debate among the parliamentarians, the Standing Committee of the parliament passed a unanimous resolution on the establishment of a review committee to investigate the prospect of GDF.
The resolution proposed the constitution of five members review committee that shall be required to present a clear report on the legal and organisational structure, status quo and future aspects of the project during the 4th session. Until the report is submitted, it was decided by the house to have GDF continue its regular operation.