Note On Jeep Credit

Summary

“Note On Jeep Credit” is an unattributed three-page office note responding to a letter dated 17 April 1963 from the Raja Saheb of Ramgarh to the Central Bank of India. It disputes his claim that a Rs. 5 lakh overdraft had been opened in his name merely to accommodate the Swatantra Party during the 1962 General Elections. The note argues instead that the Raja initiated the credit arrangement and that the Party acted only to help secure and service the loan.

The note reconstructs the repayment arrangement through correspondence and Parliamentary Sub-Committee minutes. It states that the Party agreed to monthly payments of Rs. 20,000 on the Raja’s behalf, while the Raja undertook to repay Rs. 1,20,000 plus accrued interest. According to the note, the Raja made no payment, and the Treasurer’s instalments continued through October 1962. It concludes that the Party faithfully followed its instructions and that the Raja’s default placed fifteen jeeps belonging to the Centre at risk, prompting a request for instructions to protect the Party’s interests and property.

Key points

• The note rejects the Raja Saheb of Ramgarh’s account of responsibility for a Rs. 5 lakh bank overdraft.
• It presents the Raja as having initiated the request for credit and asked the Party to assist him.
• The Swatantra Party is described as having undertaken monthly instalments of Rs. 20,000 as an accommodation to the Raja.
• The Raja allegedly promised to pay Rs. 1,20,000 and the interest on the loan but failed to do so.
• The Parliamentary Sub-Committee and Parliamentary Board are cited as having approved the Party’s actions.
• The note states that the Treasurer made payments through October 1962, when available funds were exhausted.
• It links the unresolved debt to the jeopardy facing fifteen jeeps belonging to the Centre and seeks instructions on protecting Party property.