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Decision on Indian Financial Code after public comments: Jaitley

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New Delhi: Finance Minister Arun Jaitley on Monday said the government will — after receiving comments from stakeholders — decide on the draft Indian Financial Code, which proposes to remove the RBI governor’s veto right in the monetary policy committee.

“Financial Sector Legislative Reforms Commission has made its recommendations, which have been made public for comments. Only after the comments are received that the government will take a view,” he said.

Besides taking away the Reserve Bank of India governor’s authority to veto interest rate decisions, the draft also proposed that the monetary policy committee would have four representatives of the government and only three from the central bank, including the RBI ‘chairperson’.

The draft also said that the RBI “must constitute a Monetary Policy Committee to determine by majority vote on the policy rate required to achieve the inflation target”.

The current practice is that the RBI governor consults a Technical Advisory Committee, but does not necessarily go by the majority opinion while deciding on the monetary policy.

The revised draft of the IFC, which is conceived as an overarching legislation for the financial sector, says “inflation target for each financial year will be determined in terms of the consumer price index by the central government in consultation with the Reserve Bank every three years”.

Apart from the RBI ‘chairperson’, the monetary policy committee would consist of five members – an executive member of the Reserve Bank Board, one employee of the RBI nominated by the RBI ‘chairperson’ and four persons appointed by the government.

In the original draft, the RBI ‘chairperson’ had power to “supersede the decision” of the committee in “exceptional and unusual circumstances”.

Assuring reporters here that the government will consult the RBI before taking a decision on the formation of the monetary policy committee, Minister of State for Finance Jayant Sinha said on Monday that the proposal doesn’t reflect the government’s viewpoint.

He said the government believes the Reserve Bank of India is capable of taking independent decisions on the monetary policy.

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Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok

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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.

The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.

Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.

Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.

For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.

During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.

Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.

Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .

Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.

In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.

During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.

In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.

He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.

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