The transfer of surplus and excess capital is the right step, but the problem should not be left ambiguous in law. Parliament must debate and amend RBI Act.
While IAS officer Atri Bhattacharya was questioned last week in Saradha scam, also under the radar are retired IPS officer Surajit Kar Purakayastha & Principal Secretary to CM Gautam Sanyal.
When purchasing power dries up so much that rural labourers & urban blue-collar workers have to think twice about biscuits, then the situation is desperate.
Businesses aren’t investing thanks to mistakes made by UPA. But Modi 1.0 must share the blame for muted financial reforms, partisan telecom policy etc.
Rates of 1-litre milk packets to come down to discourage purchase of multiple plastic packs. Govt also plans to incentivise return of pouches to suppliers, & recycle them.
Union Road Transport and Highways Ministry set to notify proposal that includes a fine of Rs 5,000 for those speaking on the mobile phone while driving.
The 1991 liberalisation left the financial sector unreformed. The uncompetitive finance system whose growth depends on taxpayer bailouts needs to be replaced.
For all their colonial underpinnings, postcards from Hyderabad also inadvertently preserve a trace of local memory: a glimpse of a street, a face, a forgotten name.
Indian toymakers are now exploring new markets, but they want govt to negotiate a trade deal with US soon, introduce incentives and subsidies to make the industry more competitive.
The project is meant to be a ‘protective shield that will keep expanding’, the PM said. It is on the lines of the ‘Golden Dome’ announced by Trump, it is learnt.
Now that both IAF and PAF have made formal claims of having shot down the other’s aircraft in the 87-hour war in May, we can ask a larger question: do such numbers really matter?
I am not a fan of framing a law to regulate each activity, including how many glasses of water one should drink each day. Consider the FRBM Act and how successive governments have made short work of it. How many cusses are quietly merged into the general revenues of the government, not spent for the designated purposes. 2. As far as transfer of surplus is concerned, Revaluation reserves are clearly a no no. Why should at least one third of each year’s genuine earned surplus not be added to the reserves. That is how the RBI has something in the bank, when the rest of the government is so clearly broke. 3. The Governor is the custodian of the RBI’s long term institutional interests. History will make its judgments.
I am not a fan of framing a law to regulate each activity, including how many glasses of water one should drink each day. Consider the FRBM Act and how successive governments have made short work of it. How many cusses are quietly merged into the general revenues of the government, not spent for the designated purposes. 2. As far as transfer of surplus is concerned, Revaluation reserves are clearly a no no. Why should at least one third of each year’s genuine earned surplus not be added to the reserves. That is how the RBI has something in the bank, when the rest of the government is so clearly broke. 3. The Governor is the custodian of the RBI’s long term institutional interests. History will make its judgments.
cesses…