Comments
The Congress continued to attack the Centre over the “destruction” of institutions and said after the CBI, Prime Minister Narendra Modi’s eyes are now on the RBI.
The party said the reported decision of the Centre to invoke Section 7 of the RBI Act that empowers the government to issue directions to Governor Urjit Patel is an attempt to infiltrate into the institution.
Financial exigency
Congress president Rahul Gandhi tweeted: “Ironic that a statue of Sardar Patel is being inaugurated, but every institution he helped build is being smashed. The systematic destruction of India’s institutions is nothing short of treason.”
Congress’ media-in-charge Randeep Singh Surjewala said the Centre destroyed the functioning of the CBI first. “Now it is the turn of RBI! It seems for you (Modi) everything is ‘I’, ‘I’ and ‘I’! Come out of this self obsession and stop the assault on India’s Institutions! Let Democracy prevail!” Surjewala tweeted.
Talking to reporters, senior Congress spokesperson Manish Tewari said the Centre is hiding facts about the economy and is desperate. “We have seen this in case of the CBI and now the Prime Minister and the Finance Minister have trained their guns on the RBI,” Tewari said. “We would like to ask the Finance Minister what is the overriding emergency which is making this government take recourse ostensibly to Section 7 of RBI Act? We have not heard any explanation from the government so far,” he added and reminded the Centre that Section 7 of the RBI Act is to ensure that in case there is an acute financial exigency which entails an overriding public interest then the government can issue directions to the central bank. “In seven decades of India’s independence, this Section 7 was never invoked,” he said.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.