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"$% !& R 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- , , 1 criminate lending, but today he issues. RBI to carve out exemption for cise saying “autonomy of the . 2 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 guided by public interest and and the benchmark sensex respect its autonomy. there are tioning, have to be guided by letter pertained to use of needs of the economy. closed nearly 500 points tell-tale signs that the conflict public interest and the require- RBI’s capital reserves for pro- “The autonomy for the Later in the day, Finance between the Finance Ministry ments of the Indian economy.” viding liquidity to the market Central bank, within the frame- Minister Arun Jaitley refused to and the Central bank is far “For the purpose, extensive and a third letter was for relax- work of the RBI Act, is an be drawn into the row over his from resolved. consultations on several issues ing constraints on banks for essential and accepted gover- Ministry using a never-used The RBI and the Modi take place between the gov- loans to small and medium nance requirement. provision to ask RBI for reso- Government are at logger- ernment and the RBI from time enterprises. Governments in India have lution of issues, saying discus- heads amid a standoff between to time. This is equally true of Section 7 of the RBI Act nurtured and respected this,” sions and consultations with the Ministry and the RBI over all other regulators,” it said. empowers the Government to the Ministry said in a brief the Central bank have never the Central bank’s handling of The Government, it said, issue directions to the central statement. been disclosed. weak public sector banks, tight has never made public the bank, after consultation with The Finance Ministry At a news conference, the liquidity in the market and subject matter of those con- RBI Governor, on issues that it issued the statement after the Minister said he would not say ways of resolving bad loans in sultations. “Only the final deci- considers serious and of pub- equity market tanked on anything more than what a the power sector, unconfirmed sions taken are communicated. lic interest. This section has reports of Patel’s likely resig- Press statement issued by his reports claimed. The Government, through never been invoked before. nation and the Government Ministry on the RBI row said News agency PTI quoted these consultations, places its Sources said Section 7 has two faced scathing criticism from in the morning. sources saying that that the assessment on issues and sug- parts — consultation and then several quarters for trying to Asked if the Government Government has sent at least gests possible solutions. The issuing a direction to RBI for bulldoze the Central bank to has used the never-used pro- three letters on different issues Government will continue to taking some action in public follow its political agenda. vision under Section 7 of the under Section 7 (1) of the RBI do so.” interest. O P !"#! %& ' ( )# +" , " -' ( ,. ernment came to power in 2014. It rose to the 100th spot ndia improved its ranking on in the last ranking from 131st he Rafale deal controversy Ithe World Bank’s “ease of rank in the previous year.New Ttook an interesting turn " # $ doing business” report for the Zealand tops the list of 190 when the Supreme Court on second straight year, jumping countries in ease of doing busi- Thursday asked the Centre for 23 places to the 77th position ness, followed by Singapore, pricing details of the 36 fight- on the back of reforms related Denmark, and Hong Kong. er jets India will purchase from !%& R to insolvency, taxation and The United States is placed France. The Government other areas. eight and China has been strongly objected to this saying India was ranked 100th in ranked 46th. Neighbouring the pricing aspect was classi- trymen to keep India’s unity, “At the time of indepen- the World Bank’s Doing Pakistan is placed at 136. fied, but the court remained diversity and sovereignty intact. dence there were people who Business report last year. World Bank put India unimpressed and asked the We all need to be vigilant and thought that immensely diverse The ranking comes as a among the top 10 economies to Centre to put its objection on nveiling “Statue of Unity”, united as a society in order to India wouldn’t remain united. shot in the arm for the make the most improvements. affidavit and also bring details Uthe tallest statue of the counter divisive forces,” said However, Sardar Patel proved Narendra Modi Government Observing that the two of the decision-making process world at Kevadiya in Narmada Modi, adding that Indians need them wrong by merging 565 which faces strong dissenting economies with the largest of the deal in the public domain " - "" district on Wednesday, Prime to adopt the mantra of “Ek princely states in the modern voices from opposition parties populations, China and India, within ten days. 3 + " (" 1 . 2 Minister Narendra Modi stat- Bharat, Shresth Bharat” to nul- day India. In fact diversity has ahead of the general elections demonstrated impressive The court further pushed ed that the statue of Sardar lify anti-national elements. become biggest strength of the next year. reform agendas, the World 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- In its annual “Doing Bank said the India also 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- Business” 2019 report, World focused on streamlining busi- 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,” Bank said India improved its ness processes. Anil Ambani’s Reliance Group On Thursday, the court directed that that the Centre tence of India. to construct the statue saying Modi said. rank on six out of the 10 para- India, it said, made starting 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 meters relating to starting and a business easier by integrating 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 doing business in a country. multiple application forms into 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 — These parameters include a general incorporation form. 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- ease of starting a business, “India also replaced the value- 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 construction permits, getting added tax with the GST for October 10 the judges had ing to the procurement of 36 importance. responsibility of every Indian to ures, including Chhatrapati of Sardar we didn’t require electricity, getting credit, pay- which the registration process refused to entertain the peti- Rafale jets. However, the court The information must be ensure every possible effort is Shivaji, Shubhash Chandra visas to offer prayer at Somnath ing taxes, trade across borders, is faster,” it said. tioners’ plea for asking the gave no indication as to what shared by the Government made to defeat the divisive ele- Bose, Baba Saheb Ambedkar to temple or to watch Asiatic enforcing contracts and resolv- Also, “India made paying Government to disclose the prompted it to seek details within 10 days and the peti- ments trying to damage unity name a few.