"Some months ago, Prime Minister (Manmohan Singh) put disinvestment on hold pending more consultations. I do not expect any money to flow into the National Investment Fund in the immediate future," he said replying to a question during the Question Hour in Rajya Sabha in New Delhi.
The government had in November 2005 constituted the NIF into which the proceeds from disinvestment of equity in Central Public Sector Enterprises would be channelised.
"Till date, no funds have accrued to NIF," he said, adding the government would wait for building consensus on divesting small portions of equity in profit making PSUs.
Of the proceeds accrued to NIF, 75 per cent would be used for select education, health and employment schemes while the remaining 25 per cent would be invested in loss-making
PSUs to revive them.
"Since there was no consensus (on divesting profit making PSUs), Prime Minister had put the process on hold," he said.
Prior to NIF, all proceeds from disinvestment of PSUs were accrued to the Consolidated Fund of India.
Chidambaram, to a separate question, said the government has received five cases of fraud in Industrial Finance Corporation of India.
The case against Usha India Ltd for fraud of Rs 67.75 crore (Rs 677 million) is to come up for hearing in January while the case against Malvika Steel Ltd for defrauding Rs 60 crore (Rs 600 million) has been entrusted to the Serious Frauds Investigation Office for investigation.
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