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Centre desperate, hiding facts on economy: Chidambaram (Lead)

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New Delhi, Oct 31 (IANS) Former Finance Minister P. Chidambaram expressed concern on Wednesday over reports that the government had invoked a hitherto unused section of the RBI Act to direct the central bank to act at its bidding, saying it shows the government is “desperate” and “hiding facts” about the economy.

“If, as reported, government has invoked Section 7 of the RBI Act and issued unprecedented directions to the RBI, I am afraid there will be more bad news,” Chidambaram said in a series of tweets.

He said the Congress governments did not invoke Section 7 in 1991 or 1997 or 2008 or 2013. “What is the need to invoke the provision now? It shows that government is hiding facts about the economy and is desperate,” Chidambaram maintained.

Section 7 of the RBI Act, 1934 allows the government to issue directions to the RBI, after consultation with the Governor of the bank, on issues of public interest.

The Congress leader’s remarks came amid reports suggesting that the government has invoked Section 7 of the RBI Act that empowers the government to consult and direct the RBI to act on issues that it considers necessary in public interest.

Former Finance Minister Yashwant Sinha, who is also a critic of the Narendra Modi government, attacked the government alleging it was hell-bent on destroying all the institutions of the country.

“After CBI it is the turn of RBI. The government is hell-bent on destroying all the institutions of our country. High time the people woke up to these surgical strikes against our own institutions,” the former BJP leader said in a series of tweets.

“If indeed government has issued directives to the RBI, then its governor should resign forthwith,” Sinha added.

Congress leader Anand Sharma also slammed the government and described it as an assault on RBI autonomy by a reckless government.

Sharma in a series of tweets said, “Assault on RBI autonomy by a reckless government is disturbing and deserves to be condemned.”

“In its dying days government has embarked on a mission to destroy institutional framework painfully built over decades,” Sharma said.

Meanwhile, Congress leader Manish Tewari said: “You have had serious financial crisis in this country – 1991 and 2008 are just two of recent examples, but even when the economic meltdown took place, the then UPA government did not even remotely consider invoking Section 7 or any other mechanism,” Tewari said.

“We would like to ask the Finance Minister that what is the over-riding emergency that is impelling you to absolutely play havoc with the autonomy of the RBI,” he said.

He said maturity was completely missing in this government.

However, facing criticism for invoking a hitherto unused section to issue instructions to the RBI, the government in a statement said that it respected the autonomy of the central bank but within the framework of the RBI Act.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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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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