Government gambling with RBI
The interference of the government in RBI had come to discussion when a massive decision such as demonetisation was taken unilaterally without including the latter in the process. Experts had perceived problems when Urjit Patel was brought in as a replacement to Raghuram Rajan, as the head of RBI. Corporate powers began to interfere with RBI after Modi became the Prime Minister. Now the tussle between RBI and Central government has reached its peak. Rumours are strife that Urjit Patel may resign from his post any moment. At a time when India's economy situation is not very bright, a problem like this can affect the country's future a large extent. Corporate powers that are close to Modi are being blamed for this situation country is facing right now.
RBI has laid down certain restrictions to weak banks in the recent times regarding disbursal of loans and the government is not too happy with this. The centre is forcing the RBI to remove those restrictions and disburse loan more freely. the government wants compulsive defaulters who are also its friends to get more loans despite having raised a lot of loans and not repaid them. This will help them escape the bankruptcy declaration process as per the circular issued by the RBI on Feb 12, 2018. The friends of powers that be, owe banks more than Rs 4 lakh crore. Companies such as Adani Group, Essar. TATA and others will get a fresh lease of life for their power projects despite owing the banks more than Rs one lakh crore collectively.
According to economists, these projects would have massive impact on our collective future. The govt is ready to invoke section 7 of RBI policy that has never been used earlier to make this happen. This is a blatant attempt to secure more loans despite being wilful defaulters and yet refuse to take responsibility for their actions. This move is to ensure that these companies turn into big donors for the upcoming elections to BJP. On the surface it is very clear that the BJP can compromise on country's economy for the sake of winning elections and staying in power. Modi government has to answer as to why only a certain selected corporate players are being treated more specially than the others ignoring the circular issued by the RBI in February.
Is the government trying to stop the process of defaulters who owe the banks huge amounts of money, from entering the process of bankruptcy declaration as per the RBI's decision. Law applies differently to friends of the powers that be, and the does. Some vested interests ensured Raghuram Rajan wouldn't be appointed as the RBI governor for the second term so that they could have a free run on policies regarding loans and related issues. Their main grouse against Rajan was that he had sent a list of politically strong defaulters having used the loans they had raised for purposes other than whatever they had mentioned they were raising it for. Rajan had sought that action be initiated against them. Despite many reminders, the government had refused to act. This fact is out in the open through an RTI application that sought to know what had the government done to contain the damage. A webportal has reported regarding this issue.
RBI will be deemed weak should the government invoke section 7 against the institution. All the measures initiated by the RBI to bring defaulters to book would be questioned by people. In view of all this, if Urjit Patel resigns, India would turn into a laughing stock before the global investors. Our economic system would turn upside down with this. The government is aware of this. Hence issues of Ram Mandir and Shivaji statue are being brought up for discussion now distract people from core focus. This may win elections for BJP but the country will plunge into darkness on the economic front. The government has clearly set out to gamble with RBI at the cost of country's future, to win elections and stay in power.
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CM Siddaramaiah alleges ‘criminal conspiracy’ in Sringeri recount, vows legal action
Bengaluru (PTI): Alleging a “criminal conspiracy” by BJP candidate D N Jeevaraj in the Sringeri Assembly poll recounting, Karnataka CM Siddaramaiah on Tuesday said the outcome was manipulated after valid postal ballot votes in favour of Congress leader T D Raje Gowda were tampered with during the recounting process.
Following a Karnataka High Court order on an election petition filed by Jeevaraj, challenging Raje Gowda’s election, the reverification and recounting were conducted on Saturday.
After the reverification and recount of postal ballots for the Sringeri Assembly constituency, votes polled in favour of Raje Gowda were reduced by 255, the returning officer said.
A report on the matter has been submitted to the Election Commission of India for further action, the officer added.
Congress leader Raje Gowda had won the 2023 Assembly polls from Sringeri by 201 votes, defeating his nearest rival Jeevaraj.
Addressing a press conference in Bengaluru, Siddaramaiah said the High Court had directed the recounting of postal ballots and that irregularities were noticed during the exercise conducted on May 2.
“This is a clear case of criminal conspiracy,” Siddaramaiah said, alleging that valid votes cast in favour of Raje Gowda were altered after being accepted by counting agents of all parties, including Congress, BJP, and JD(S).
He claimed that during the recounting of postal ballots, 255 votes were initially accepted as valid by all agents but were later tampered with by subordinate officials.
“There is a second mark on the votes polled in favour of Raje Gowda. They had accepted these as valid votes. Subsequently, another mark was made by officials. This is a clear case of criminal conspiracy,” he said.
When asked who was behind the alleged conspiracy, the CM replied, “It was hatched by Jeevaraj and others. It is planned.”
Siddaramaiah further alleged that the returning officer acted improperly by declaring the result despite the presence of an Election Commission observer during the recounting.
“Immediately after the counting, the returning officer announced the result. He should not have done so; this is against the law,” he said.
He pointed out that Raje Gowda had originally won by 201 votes, but after the recounting, the BJP candidate was declared the winner by 52 votes.
“The BJP has committed a criminal act of conspiracy. This is not vote chori but vote dacoity,” he alleged.
The CM said a police complaint had already been filed by Raje Gowda’s election agent, Sudhir Kumar, and emphasised the need for electoral integrity.
“We want transparency and free and fair elections. That is what our Constitution mandates,” he added.
Stating that the government would pursue legal remedies, Siddaramaiah said, “We are preparing an appeal challenging the returning officer’s announcement in a court of law.”
Responding to a separate query on elections in other states, the CM said there appeared to be an anti-incumbency factor in West Bengal, while results in Tamil Nadu were “surprising,” adding that Vijay’s party was emerging as the largest there.
Following the victory of party candidates in Bagalkote and Davanagere South, Siddaramaiah expressed confidence about future electoral prospects in Karnataka.
“Even in 2028, we will win the Assembly elections. We will come back,” the CM said.
Siddaramaiah added that he would order a forensic examination into the alleged tampering of postal ballots.
