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"$% !& R RBI Act that gives it power to Act that gives it powers to issue do so.” issue directions to the Central any direction to the central Sources said the Finance fter reports surfaced on bank on matters of public bank governor on matters of Ministry wrote three separate AWednesday morning that interest, he said communica- public interest. letters in the past few weeks to RBI Governor Urjit Patel may tions and layers of consulta- They, however, insisted the RBI on issues ranging from step down if the Government tions between the Government that the Government has not Prompt Corrective Action tried to arm-twist the Central and the RBI haven’t ever been taken any action of issuing any (PCA) framework to liquidity bank by issuing directive under disclosed. specific direction and has only management and sought con- section 7 of the RBI Act, the On Tuesday, Jaitley had initiated consultations with the sultation under Section 7 of the Finance Ministry took a ( $ slammed the RBI for indis- central bank on unresolved RBI Act. prompt damage control exer- $ $ * criminate lending, but today he issues. The Government wants cise saying “autonomy of the & +' sounded much more reconcil- Without making any ref- RBI to carve out exemption for Central bank is essential.” iatory. erence to the letters, the power companies under the But the twist in the tail is The Ministry’s statement Despite indication from Ministry statement said, “Both PCA framework that outlines the Ministry’s assertion that the calmed down the stock market the Government that it would the Government and the triggers for declaring a loan RBI’s functioning must be which staged a smart recovery continue to engage the RBI and Central bank, in their func- account as stressed or NPA, said guided by public interest and and the benchmark sensex respect its autonomy. there are tioning, have to be guided by sources, adding the second let- needs of the economy. closed nearly 500 points tell-tale signs that the conflict public interest and the require- ter pertained to use of RBI’s “The autonomy for the Later in the day, Finance between the Finance Ministry ments of the Indian economy.” capital reserves for providing Central bank, within the frame- Minister Arun Jaitley refused to and the Central bank is far “For the purpose, extensive liquidity to the market and a work of the RBI Act, is an be drawn into the row over his from resolved. consultations on several issues third letter was for relaxing con- essential and accepted gover- Ministry using a never-used The RBI and the Modi take place between the gov- straints on banks for loans to nance requirement. provision to ask RBI for reso- Government are at logger- ernment and the RBI from time small and medium 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. considers serious and of pub- equity market tanked on anything more than what a the power sector, unconfirmed “Only the final decisions lic interest. reports of Patel’s likely resig- Press statement issued by his reports claimed. taken are communicated. The This section has never been nation and the Government Ministry on the RBI row said News agency PTI quoted Government, through these invoked before. Sources said faced scathing criticism from in the morning. sources saying that that the consultations, places its assess- Section 7 has two parts — con- several quarters for trying to Asked if the Government Government has sent at least ment on issues and suggests sultation and then issuing a bulldoze the Central bank to has used the never-used pro- three letters on different issues possible solutions. The direction to RBI for taking follow its political agenda. vision under Section 7 of the under Section 7 (1) of the RBI Government will continue to some action in public interest. P ! ! # $ % $ & ' and the Regulated Market !" # Committees would take part in + $ the procurement. $%&%%% &'(&%%% ood and Civil Supplies For the current year, the FMinister Surjya Narayan farmers of the irrigated area ) # & Patro in a preparatory meeting would be eligible to sell 19 for paddy procurement here on quintals of paddy per acre as Wednesday said the process against 18 quintals the previous would start from Kalahandi year. This quantity is 13 quin- imum of 15,000. Similarly, for construction of goat sheds. from November 5. tals in the non-irrigated areas Murugesan further said if 1,000 solar pump sets (0.5 HP) Seventy-five per cent sub- “The target of the In Sambalpur, paddy pro- the offence is repeated, then hief Minister Naveen will be given to farmers at 90 sidy will be given to 1,000 Government is to procure 55 curement would be done defaulters could face impris- CPatnaik on Wednesday per cent subsidy limited to farmers to assist them with 10 lakh metric tonnes (MT) of through 77 market yards and onment from five years to announced a compensation 54,000 per pump. goats and one buck at unit cost paddy from farmers during 46 cooperative societies, the seven years. package for Cyclone A total of 5,000 sprayers of 6,000. To provide input the current Kharif season,” Minister informed. The use of polythene and Titli and subsequent floods-hit will be made available to the assistance to affected fish farm- said Patro in the meeting He further said the farm- he Odisha Government will plastic bags has come down by people of the State. affected farmers at a subsidy of ers whose tanks/ponds have attended by 12 district ers can sell all the paddy in the Tstrictly enforce the ban on 50 per cent after declaration of As per the announcement, 50 per cent subsidy limited to been damaged with loss of fish Collectors and CSOs. “Out of market yards without keeping use of polythene bags the ban. Alternative measures agriculture input subsidy of maximum of 3800 for battery- and fish seeds, it is envisaged to this, 40 per cent is from west- anything for their domestic in six cities with the have been taken as cotton and 13,500 would be provided run sprayers and 600 for provide financial assistance up ern Odisha only,” he added. consumption if they so month-long deadline ending paper bags are being made per hectare of land to farmers manual sprayers. to 75 per cent with maximum He said the farmer desire. It was a practice earlier on Wednesday. and industries would be seized available, informed Murugesan. who have sustained crop loss of For pulses and oilseeds 1.125 lakh per hectare. would get their payment with- that farmers were forced to The Government will and manufacturing units would As per the Government 33 per cent and above. crops, 75,000 affected farmers Financial assistance of 22,500 in 72 hours through keep three quintals paddy per strictly enforce the ban in be sealed under the guidelines, vendors will not be Similarly, 6,800 and will be provided training. per boat and 15,000 per net bank and cooperative society acre for their domestic con- Bhubaneswar, Cuttack, Environment Protection Act,” allowed to use polythene sheets 18,000 would be paid per Fruit saplings will be dis- will be provided. accounts in order to curb sumption. Rourkela, Sambalpur, said Forests and Environment of less than 50 micron thick- hectare rain-fed/non- irrigated tributed to 50,000 at 5 for Assistance of 60,000 per fraudulent practices by millers Keeping in view the Brahmapur and Puri Department Director K ness for storing, transporting, and perennial crop lands, mango grafts and 4 per boat and 15,000 per net will or middlemen. lawyers’ agitation here, the from Thursday. Murugesan said. dispensing or packaging. respectively. Subsidy to any coconut seedlings per family. be provided for fully and par- The Odisha State Civil venue of the meeting was shift- The Urban Development Sources said if traders and Earlier, the State affected farmer will not be less Short Term Kharif loans tially damaged boats and nets Supplies Corporation, the ed to the MCL conference hall Department has been directed manufacturing units are found Government had announced to than 2,000 for perennial crops advanced in the affected areas of marine and chilka fishermen. Primary Agriculture Credit although it was to be held in the to ensure strict enforcement of selling banned polythene, they ban use of plastic and poly- and 1,000 for other crops. during Kharif 2018 having Under handicrafts/handloom Societies, Women Self-Help RDC office. The lawyers the order and take stringent would be slapped with a fine up thene bags from Gandhi Jayanti At total of 2,00,000 special crop loss of 33 per cent and sector, assistance of 4,100 per Groups, the Large Area Adivasi showed black flags at Patro action against defaulters.