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BJP govt greedy, wants to take away RBI reserves: Chidambaram
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SME Times News Bureau | 09 Nov, 2018
Congress leader and former Finance Minister P. Chidambaram on Friday
said that Prime Minister Narendra Modi-led BJP government is greedy and
wants to take away the central bank's reserves.
"This government
is greedy. No government in the past has asked for the reserve with the
Reserve Bank of India," said Chidambaram, who was in Guwahati to hold
consultations for preparation of the party's manifesto for the 2019 Lok
Sabha polls.
He said that the RBI is not a limited company. "The
RBI has a board of directors, but that cannot be compared with any
private or public company. It is the central bank. The BJP government is
trying to see the RBI as a limited company. They hardly have the
understanding of the central Banks's role and function," he said.
Chidambaram
said that the Centre was eyeing the RBI's reserves, for it did not get
anything out of demonetisation as most of the money came back to the
banks.
Asked about the RBI's board meeting scheduled for November
19, he said that even if the RBI Governor (Urjit Patel) resigns or
complies with the government order of giving money from the reserves,
the result will be catastrophic, and even worse than demonetisation.
"My
information says that the government may force to pass a resolution at
the RBI board meeting to transfer a large sum of money from the
reserves. Two scenarios can emerge if such a situation happens. Either
the RBI gives in or the Governor resigns. Both the situations will be a
disaster and will have catastrophic impact on the country's economy," he
warned.
"The Congress party believes that the RBI has the
mandate to maintain monetary stability and nothing should be done to
impair its ability to do so. The immediate goal of the government is to
lay its hands on the reserves of the RBI and appropriate a sum of at
least one lakh crore to meet its fiscal deficit target and to increase
spending in an election year," he added.
Earlier on Friday, the
government dismissed reports that it had sought Rs 3.6 lakh crore from
the RBI reserves. Economic Affairs Secretary Subhash Chandra Garg said
that there was no such proposal and that the country's fiscal deficit
target was on track.
"Lot of misinformed speculation is going
around in media. Government's fiscal math is completely on track. There
is no proposal to ask RBI to transfer (Rs) 3.6 or (Rs) 1 lakh crore, as
speculated," Garg said in a tweet.
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