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Urjit Patel asks staff to 'zealously guard' RBI reputation
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SME Times News Bureau | 20 Jan, 2017
Following deep concern expressed by RBI employee unions over alleged
government interference in the affairs of the central bank and
opposition protests on the issue earlier this week, RBI Governor Urjit
Patel has asked staff members to "zealously guard" the integrity of the
institution.
"Let me emphasise that one thing we should all
zealously guard is the integrity and reputation of our organisation and
any act belittling the same should deserve zero tolerance from all of
us," Patel said in an email in his first address to Reserve Bank staff
after taking over as governor in September last year.
"I am
confident that all of us working together will rise to the occasion and
face these challenges in a manner befitting the reputation of this
esteemed organisation," Patel said in a reference to the Centre's recent
demonetisation measure banning Rs 1,000 and Rs 500 notes that is being
implemented by the RBI.
"During the year gone by, we have
continued our efforts at restoring macroeconomic stability in the
economy. While the policy actions have already shown positive effects,
nevertheless, they are work in progress and need to be fine-tuned
constantly to keep pace with the challenging environment," he said.
The
RBI employee unions last week, in a letter addressed to Patel,
expressed their deep concern over alleged interference by the central
government in the affairs of the apex bank.
The letter asked the
Governor whether a recent media report, according to which the Finance
Ministry had deputed a Joint Secretary-level officer to the RBI to
oversee its currency chest operations, is true.
"If true, this is
most unfortunate and we take strong exception to this measure of the
government as impinging on the RBI's autonomy and its statutory as well
as operational jurisdiction," the letter read.
On Wednesday,
hundreds of Congress party protesters gheraoed the RBI office in New
Delhi and elsewhere, shouting slogans denouncing demonetisation and the
Centre's role in "destruction of the RBI's autonomy".
Also on
Wednesday, Patel appeared before the Parliamentary Standing Committee on
Finance and told them that Rs 9.2 lakh crore of new currency notes have
been put in circulation since the high-value currency notes were
demonetised on November 8.
In another revelation about how the
crucial decision on demonetisation was taken by the RBI at a day's
notice, Patel also told the Parliamentary panel that the RBI had been
"advised" by the government on November 7 to hold a board meeting on the
issue.
The demonetisation move, designed to combat black money,
counterfeit currency and terror financing, has provoked a major cash
crunch, while the RBI has come under fire for the slow pace of
re-monetisation, as well as for the number of flip-flops it has
committed in announcing measures to deal with this unprecedented
measure.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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