Thursday, 22 November, 2018

"Stand Up To PM, Protect Nation": Rahul Gandhi's Message To Urjit Patel

Capture Rahul Gandhi: PM Modi needs Rs 3.6 lakh crore from RBI to fix ‘mess his economic theories created’
Ginger Lawrence | 07 November, 2018, 00:14

Congress president Rahul Gandhi on Tuesday attacked Prime Minister Narendra Modi over a media report which claimed the government is seeking Rs 3.6 lakh crore from the Reserve Bank of India (RBI), He allege that the PM needs the amount to fix the "mess his genius economic theories" have made. The report claims that this is "at the heart" of the ongoing rift between the Centre and the RBI. According to recent reports, Patel had threatened to resign following serious differences with the central government.

However, an RBI source told Moneycontrol this may not be the case."November 19 is too close [for him to resign] as the tussle between RBI and government is out in the open, it is highly unlikely that he would move out", the source said.

"This is going to have profound implications on the macro-economic stability of India. this is one of the fundamentals of the Indian economy that the RBI has enough liquidity available in order to meet any contingency". And this is the money the government wants to use for recapitalisation of PSU banks. He had also said how a transfer of excess reserves from a central bank to the government can be "catastrophic" and may ignite "economic fire".

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The finance ministry has objected to RBI's staggered surplus distribution policy (SSDP) under which the bank must transfer its surplus to the government.

"When speculation mounted, the government in its usual secretive way, came out with a completely inane statement which concealed more than it revealed", Tewari said about the controversy. There are no free lunches with dividends, there is no Rs 3 lakh crore to give to the government. He called the Centre's demand "unprecedented".

"If this were to fructify, this would tantamount to the great Indian robbery", the former Union minister said. The party urged the Centre to heed the experience of Argentina, where the central bank transferred $6.6 billion to the national treasury. Argentina is before the International Monetary Fund for a $50-billion bailout, he said.