Wednesday 16 January 2019
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business-standard - 2 month ago

Laying hands on RBI reserves will have catastrophic economic consequences: Chidamabaram

Former finance minister P Chidambaram Friday warned the NDA government against laying its hands on RBI reserves, saying it will have catastrophic economic consequences for the country. He also said the minutes of a Reserve Bank of India meeting on November 7, 2016 is a comprehensive repudiation of the government s justification for demonetisation. Talking to reporters in Guwahati, the senior Congress leader said it is clear that the BJP has no understanding of the role of the central bank and no respect for the independence of its governor. The government has already taken the extraordinary step of invoking Section 7 of the RBI Act (that empowers the government to issue directions to the RBI), he said. He alleged that the immediate goal of the government is to lay its hands on the reserves of the RBI and appropriate a sum of at least Rs one lakh crore to meet its fiscal deficit target and to increase spending in an election year . He also said that According to reports the ..

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