People of India own this draft report, Fin Secy over draft Bill proposing to curtail RBI Guv's power
Updated: Aug 03, 2015 04:54:46pm
New Delhi, Aug 3 (KNN) The government today said it is not right to conclude that it wants to curtail the central bank's powers and added that the people of India own the draft report of the Indian Financial Code (IFC) that proposes to take away the veto power of RBI Governor in deciding the benchmark interest rate.
Finance Secretary Rajiv Mehrishi, while addressing at a press briefing said it was not a proposal of FSLRC nor it was a government move.
"People of India own this draft report," he said. Observing that the government has not made up its mind on draft IFC, he said the government is seeking comments on it which indicates that it is still under discussion.
"This is still to be considered by the government as a discussion paper. So from that, to jump to a conclusion that some curtailment of the power of the RBI has been made or the government has decided to do so would be incorrect," he added.
He further said that the government's views on the IFC will be revealed when the draft bill is brought before Parliament for consideration and approval.
"Government's final mind will be revealed on the draft Bill which comes out before Parliament. This clarifies that there is no decision in government as of now," Mehrishi said. (KNN Bureau)
Finance Secretary Rajiv Mehrishi, while addressing at a press briefing said it was not a proposal of FSLRC nor it was a government move.
"People of India own this draft report," he said. Observing that the government has not made up its mind on draft IFC, he said the government is seeking comments on it which indicates that it is still under discussion.
"This is still to be considered by the government as a discussion paper. So from that, to jump to a conclusion that some curtailment of the power of the RBI has been made or the government has decided to do so would be incorrect," he added.
He further said that the government's views on the IFC will be revealed when the draft bill is brought before Parliament for consideration and approval.
"Government's final mind will be revealed on the draft Bill which comes out before Parliament. This clarifies that there is no decision in government as of now," Mehrishi said. (KNN Bureau)
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