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C M Y K RNI Regn. No. MPENG/2004/13703, Regd. No. L-2/BPLON/41/2006-2008 %&'(%)*+, )*+)+, -)./00 "102 ((6$$43 -7:836 :..:7 :/353 /4-53#935;:(/(/( 3;;((39 $21&) %%3 +<, = 3 " - " $ -.*/#.0,1 ! !"! #!$ !! %&! ! "$% !& R 3.345( RBI Act that gives it power to Act that gives it powers to issue Sources said the Finance issue directions to the Central any direction to the central Ministry wrote three separate fter reports surfaced on bank on matters of public bank governor on matters of letters in the past few weeks to AWednesday morning that interest, he said communica- public interest. the RBI on issues ranging from RBI Governor Urjit Patel may tions and layers of consulta- They, however, insisted Prompt Corrective Action step down if the Government tions between the Government that the Government has not (PCA) framework to liquidity tried to arm-twist the Central and the RBI haven’t ever been taken any action of issuing any management and sought con- bank by issuing directive under disclosed. specific direction and has only sultation under Section 7 of the section 7 of the RBI Act, the On Tuesday, Jaitley had initiated consultations with the RBI Act. Finance Ministry took a ( $ slammed the RBI for indis- central bank on unresolved The Government wants prompt damage control exer- $ $ * criminate lending, but today he issues. RBI to carve out exemption for cise saying “autonomy of the & +' sounded much more reconcil- Without making any ref- power companies under the Central bank is essential.” iatory. erence to the letters, the PCA framework that outlines But the twist in the tail is The Ministry’s statement Despite indication from Ministry statement said, “Both triggers for declaring a loan the Ministry’s assertion that the calmed down the stock market the Government that it would the Government and the account as stressed or NPA, said RBI’s functioning must be which staged a smart recovery continue to engage the RBI and Central bank, in their func- sources, adding the second let- guided by public interest and and the benchmark sensex respect its autonomy. there are tioning, have to be guided by ter pertained to use of RBI’s needs of the economy. closed nearly 500 points tell-tale signs that the conflict public interest and the require- capital reserves for providing “The autonomy for the Later in the day, Finance between the Finance Ministry ments of the Indian economy.” liquidity to the market and a Central bank, within the frame- Minister Arun Jaitley refused to and the Central bank is far “For the purpose, extensive third letter was for relaxing con- work of the RBI Act, is an be drawn into the row over his from resolved. consultations on several issues straints on banks for loans to essential and accepted gover- Ministry using a never-used The RBI and the Modi take place between the gov- small and medium enterprises. nance requirement. provision to ask RBI for reso- Government are at logger- ernment and the RBI from time Section 7 of the RBI Act Governments in India have lution of issues, saying discus- heads amid a standoff between to time. This is equally true of empowers the Government to nurtured and respected this,” sions and consultations with the Ministry and the RBI over all other regulators,” it said. issue directions to the central the Ministry said in a brief the Central bank have never the Central bank’s handling of The Government, it said, bank, after consultation with statement. been disclosed. weak public sector banks, tight has never made public the RBI Governor, on issues that it The Finance Ministry At a news conference, the liquidity in the market and subject matter of those con- considers serious and of pub- issued the statement after the Minister said he would not say ways of resolving bad loans in sultations. “Only the final deci- lic interest. This section has equity market tanked on anything more than what a the power sector, unconfirmed sions taken are communicated. never been invoked before. reports of Patel’s likely resig- Press statement issued by his reports claimed. The Government, through Sources said Section 7 has two nation and the Government Ministry on the RBI row said News agency PTI quoted these consultations, places its parts — consultation and then faced scathing criticism from in the morning. sources saying that that the assessment on issues and sug- issuing a direction to RBI for several quarters for trying to Asked if the Government Government has sent at least gests possible solutions. The taking some action in public bulldoze the Central bank to has used the never-used pro- three letters on different issues Government will continue to interest. follow its political agenda. vision under Section 7 of the under Section 7 (1) of the RBI do so.” Continued on Page 4 " #! ! $ R ! # $ % $ & ' &' 3.345( he Rafale deal controversy Ttook an interesting turn " # $ ! was tutored by the BJP at a when the Supreme Court on meeting of Prime Minister Thursday asked the Centre for Narendra Modi in poll-bound pricing details of the 36 fight- ' $! Chhattisgarh. er jets India will purchase from !%& R When contacted, senior France. The Government BJP leader Hitesh Bajpai said strongly objected to this saying Gandhi was suffering from a the pricing aspect was classi- $ 738(9 trymen to keep India’s unity, “At the time of indepen- #5:. political paranoid syndrome. fied, but the court remained :4:90#1 diversity and sovereignty intact. dence there were people who Gandhi alleged, "The woman unimpressed and asked the We all need to be vigilant and thought that immensely diverse ongress president Rahul was told that officers and the Centre to put its objection on nveiling “Statue of Unity”, united as a society in order to India wouldn’t remain united. CGandhi on Tuesday prime minister had come from affidavit and also bring details Uthe tallest statue of the counter divisive forces,” said However, Sardar Patel proved appealed to the journalists to Delhi and that she would be of the decision-making process world at Kevadiya in Narmada Modi, adding that Indians need them wrong by merging 565 guard the truth without fear, asked questions. of the deal in the public domain % district on Wednesday, Prime to adopt the mantra of “Ek princely states in the modern like the Army protects the They told her that she has within ten days. , # * & +' Minister Narendra Modi stat- Bharat, Shresth Bharat” to nul- day India. In fact diversity has border. He was addressing a to say that her income has dou- The court further pushed ed that the statue of Sardar lify anti-national elements. become biggest strength of the public meeting here. bled. The PM came and a tele- the Centre to the corner by ask- sition. The court had then said the Rafale deal. Vallabhbhai Patel would be He also trained his guns on nation and now we are march- He alleged that Punjab vision show started." He ing it details of how Rafale it would not go into “pricing or The Bench headed by the a befitting answer to those his political rivals who criticised ing ahead to become econom- National Bank (PNB) scam claimed the woman spoke as manufacturer Dassault chose suitability” of the fighter jets. Chief Justice Ranjan Gogoi who question unity and exis- him for spending huge amount ic and military superpower,” accused Mehul Choksi had she was told to. Anil Ambani’s Reliance Group On Thursday, the court directed that that the Centre tence of India. to construct the statue saying Modi said. deposited money in a minister's "She spoke as tutored amid to partner with it in India noted that following its October must bring details of the deci- Addressing a large gather- that paying tribute to great Praising Sardar’s vision to bank account. "We showed it to loud clapping and Modiji said under the offset obligation. 10 order, the Government has sion-making process of the ing against the backdrop of hero like Sardar is not a crime. force erstwhile princely states the reporters, but they were that 'achhe din aa gaye' (good The court’s directive has placed before it a note giving deal in the public domain, lofty and magnificent statue of Modi said his Government is — Junagadh and Hyderabad — scared (to report it)...They are days have come)," Gandhi said. serious ramifications because details of the steps taken in the except those that are confi- India’s first Home Minister, committed to recognise con- to surrender to India’s sover- scared. Look they are laughing," "After the meeting, a reporter on the last date of hearing on decision-making process lead- dential and have strategic the PM said that it is the tributions of other historical fig- eignty, Modi said that because he said while looking at a jour- approached the woman. October 10 the judges had ing to the procurement of 36 importance. The information responsibility of every Indian to ures, including Chhatrapati of Sardar we didn’t require nalist sitting close to the stage. Scribes are intelligent. He was refused to entertain the peti- Rafale jets. However, the court must be shared by the ensure every possible effort is Shivaji, Shubhash Chandra visas to offer prayer at Somnath “They are saying that not scared and asked her tioners’ plea for asking the gave no indication as to what Government within 10 days made to defeat the divisive ele- Bose, Baba Saheb Ambedkar to temple or to watch Asiatic brother (Gandhi) you are whether her income was real- Government to disclose the prompted it to seek details and the petitioners could ments trying to damage unity name a few.

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