Business Standard

Govt vs RBI: What is the need to invoke Section 7 now, asks Chidambaram

The senior Congress leader said that the governments he was a part of in the past had never used Section 7 of the Reserve Bank of India Act of 1934

P Chidambaram
Premium

P Chidambaram

PTI
Slamming the government for reportedly referring to a never-used clause of the RBI Act directing the central bank to implement its wishes, former Union finance minister P Chidambaram on Wednesday alleged that the BJP dispensation is "hiding facts" about the economy and is desperate.

The senior Congress leader said that the governments he was a part of in the past had never used Section 7 of the Reserve Bank of India Act of 1934, under which a direct order can be issued by the government to the central bank to carry out its wishes in "public interest".

"If, as reported,

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 31 2018 | 12:59 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com