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Demonetisation put RBI reputation at risk: Chidambaram
Kolkata: Echoing former RBI Governor Y.V. Reddy, former Union Finance Minister P. Chidambaram said on Saturday that demonetisation move put the central bank’s reputation at great risk and dubbed the whole process a “command performance”.He also dubbed the demonetisation as a “terrible decision that was terribly implemented”.Asked whether the Reserve Bank of India (RBI) autonomy was over or not, the former Union Minister said: “On this issue, the answer is yes.””Reversing the sequence stipulated in the Act… instead of the Reserve Bank recommending withdrawal of legal tender status for the (high-denomination) currency, the government recommended to the bank that the legal tender status should be taken away.”
Recalling the build-up to the November 8 demonetisation announced by Prime Minister Narendra Modi, the senior Congress leader said: “That was on November 7 when the RBI Board (meeting) was called. Was there a written notice? They will not tell us.””How many people attended? They will not tell us. Was there an agenda paper for the meeting? Were there minutes of the meeting? They will not tell us. How long the meeting lasted? They will not tell us,” he said.
“I have information that the meeting lasted 30 minutes and the recommendations were made to the government. The Cabinet was waiting for the recommendations,” he claimed.”How could the Cabinet know that the RBI will recommend the withdrawal of legal tender status? It was a command performance,” he said.Echoing Reddy, Chidambaram said: “And to that extent, in this instance, the Reserve Bank’s reputation has been put at a great risk, the point which (ex) Governor Reddy made.”The senior Congress leader said he would have resigned if demonetisation was implemented during his term as Finance Minister.
“In the last 50 years, no major economy has demonetised its currency. India has been added to the list that includes Zimbabwe, North Korea and Libya,” Chidambaram said, adding that demonetisation was a “terrible decision that was terribly implemented”.Taking a swipe at Modi, he said: “My real grievance on demonetisation is that the decision of this magnitude with enormous consequences cannot be taken, or is not to be taken, by one person.”
Chidambaram said three important official of the Finance Ministry — the Finance Secretary, Banking Secretary and the Chief Economic Adviser — should be involved in the (any proposed) demonetisation and they should be in the forefront in telling about and defending the scrapping of currency.He said none of them had spoken a work in the last 70 days.
“What it means is that the three most important officials of the Finance Ministry concerned were not consulted; if they were consulted, they disagreed,” he added.Chidambaram said former RBI Governor Raghuram Rajan opposed demonetisation and formally put his view on the issue in a five-page note to the Prime Minister’s Office. “In retrospect, I suspect one of the reasons why his term was not extended was that the government was in a hurry to demonetise,” he said.”That is why 64 days after the new Governor (Urjit Patel) assumed office, we have demonetisation,” he added.
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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