RBI case: Chidambaram says – Desperate BJP is hiding the facts related to the economy

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RBI case: Chidambaram says – Desperate BJP is hiding the facts related to the economy
Former finance minister P. Chidambaram criticized the central government on Wednesday to mention Section 7 of the Reserve Bank Act. He said that Bharatiya Janata Party (BJP) is desperate and is hiding the facts related to the economy.
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Senior Congress leader said that those governments which were earlier included in the previous governments, have never used Section 7 of Reserve Bank Act 1934. Under Section 7 of the Reserve Bank, the Central Government can directly order the Reserve Bank, which he considers in public interest.

After one-by-one tweet, he said that if there are reports like that the government has used Section 7 of the Reserve Bank and given the unexpected instructions to the Reserve Bank, I am afraid that they will not get to hear bad news anywhere else. . “He said,” We have not used Section seven in 1991 or 1997 or 2008 or 2013. What is the justification to implement it now? This shows that the government is concealing facts and is in frustration. ”

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It is noteworthy that the government had mentioned the authority that has never been used till date in relation to some issues with the Reserve Bank. According to sources connected with the case, the government mentioned Governor Urjit Patel under directive under Section 7 of the Reserve Bank Act.

Sources said that the government mentioned section seven (1) on at least three different issues. However, he clarified that the government has not taken any action under this special section.

Section seven of the Reserve Bank Act provides this privilege to the Central Government that it can direct the governor directly, given the public interest in case of disagreement with the central bank. The Government disagrees with the Reserve Bank on issues relating to Instant Corrective Action (PCA) Framework to Cash Management in Banks.

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