Commerce and Trade Minister Anand Sharma said: 'There is no basis in this allegation, we will have every transaction inquired.'

Sharma also said that if there was any infringement of the guidelines of the directorate of foreign trade, then the director general of foreign trade will fix responsibility and take action. 'Nobody will be spared if any infringement is found.'

Opposition leader L.K. Advani demanded a JPC or CBI probe into the matter but the government rejected the demand. Immediately, the entire opposition trooped out of the house.