Tibetan parliament resumes session, discusses review committee’s report on GDFPL

Gang Jong Development Finance Private Limited Review Committee submitting its report to the Speaker and the Deputy Speaker of the 17th TPIE. Image:TPIE.

DHARAMSALA, 14 Sept: The original vision of Gang Jong Development Finance Private Ltd.(GDFPL) “is still as relevant today as it was when the Company was conceptualised” and “the Central Tibetan Administration (CTA) owes it to the Tibetan refugees to give this cause a final sincere shot, before calling it quits”, Rahul Joshi, a financial expert from the Review Committee(RC) appointed by the 17th Tibetan Parliament-in-Exile(TPIE) has concluded in a report submitted to the TPIE.

A 5 member review committee comprising of lawmakers and a financial expert was constituted following the Official Motion and Resolution No 2022/17/3/26 and Document no 26 of the third session of the Parliament held in March after the 16th Kashag(Cabinet) led by CTA President Penpa Tsering expressed no confidence in the future of the GDFPL.

Joshi, appreciating the concerns raised by the CTA President has said that he is aware of the challenges being faced by the GDFPL and added that “to come out of the current predicament is certainly not a cakewalk for GDFPL and the Company is indeed staring at its permanent closure”.

Rahul Joshi, a financial expert from the Review Committee’s assessment of the GDFPL.

He has further said that “there is a ray of hope if the CTA were to reflect on the recommendations made in this report and consider reviving the Company keeping in mind all the caveats that are advised in this report.”

The financial expert has concluded by stating that “the original vision is still as relevant today as it was when the Company was conceptualised. The CTA owes it to the Tibetan refugees to give this cause a final sincere shot, before calling it quits”.

Additionally, the RC has stated in the report that bound by law, GDFPL can not dissolve until 2026.

The RC, formed on 2nd June concluded their review and submitted its report to the Speaker and the Deputy Speaker on 5 Sept.

The salary of the GDFPL’s CEO being paid by the CTA’s Social and Resource Development Fund, lack of capital and professional staff lies at the core of concerns raised by the CTA President.

The Review Committee consists of  Parliamentarian Dawa Phunkyi as the Chairperson, Parliamentarian Serta Tsutrim as the Secretary, Parliamentarian Konchok Yangphel, Parliamentarian Karma Gelek, and Mr Rahul Joshi as its members.

Gang Jong Development Finance Private Ltd. was inaugurated in Jan. 2018 by CTA’s then-President Dr Lobsang Sangay. He described it as one of the most strategic programmes conceived and designed to drive forward Kashag’s 5-50 policy.

It became a  full-fledged non-banking financial corporation (NBFC) a year later in 2019 after receiving its license from the RBI on December 13, 2018, as a Non-Banking Financial Institution.

Through Gangjong Development Finance Private Ltd., CTA provides loans at a minimal interest rate to support Tibetan Summer businesses across India with the goal to strengthen their self-reliance and sustainability to help them thrive economically as well as to strengthen the Tibetan economy and transform it into an economically self-reliant community.

The only difference between an NBFC and a normal bank is that while a normal bank can accept deposits and give withdrawal facilities, the NBFC can only sell its shares.

The TPIE resumed its session today after the session was adjourned on Saturday afternoon after some lawmakers staged a walkout while discussing an amendment to article 63 of the Charter of Tibetans in exile which relates to the Justice Commissioners of the Tibetan Supreme Justice Commission.

Speaker Khenpo Sonam Tenphel while announcing the resumption of the house today said that the parliament has decided to forgo discussion and deliberation on the amendment to article 63 while calling for the cooperation of the lawmakers for the successful proceeding of the house.

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