Chidambaram slams Centre for reportedly referring to never-used clause in RBI Act
New Delhi, Oct 31 : Slamming the government for reportedly referring to a never-used clause of the RBI Act directing the central bank to implement its wishes, former Union finance minister P Chidambaram on Wednesday alleged that the BJP dispensation is "hiding facts" about the economy and is desperate.
The senior Congress leader said that the governments he was a part of in the past had never used Section 7 of the Reserve Bank of India Act of 1934, under which a direct order can be issued by the government to the central bank to carry out its wishes in "public interest".
"If, as reported, Government has invoked Section 7 of the RBI Act and issued unprecedented 'directions' to the RBI, I am afraid there will be more bad news today.
"We did not invoke Section 7 in 1991 or 1997 or 2008 or 2013. What is the need to invoke the provision now? It shows that government is hiding facts about the economy and is desperate (sic)," he said in a series of tweets.
According to a media report, the government has invoked the never-before-used powers under the RBI Act allowing it to issue directions to the central bank governor on matters of public interest.
However, another report suggested that the government has initiated a consultative process with the RBI in three areas of concern and while doing so, has mentioned Section 7 without actually invoking it.
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Fire damages 10 shops in Mumbai; no casualty
Mumbai (PTI): A fire broke out at a commercial structure in Mumbai, damaging around 10 shops, officials said on Sunday.
There were no casualties in the blaze, which was reported at 11.31 pm on Saturday on D B Marg opposite a mall in the Mumbai Central area, they said.
The fire was confined to electric wiring, installations and equipment in around five large and seven small shops spread over nearly 5,000 sq ft on the ground and first floors of the structure, a civic official said.
Firefighters doused the blaze by 3.50 am on Sunday, the official said.
The cause of the fire was not yet known.
