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Yves saint laurent replica purse Given that the party was in power for 60 of the 71 years since 1947, it should not claim any special virtue in dealing with the RBI.Another ysl replica heels thing they should keep in mind is that a government doesn't actually have to use an enabling provision in the law to have its way.Thus, when senior Congress politicians you can't call them leaders harp on how ysl replica t shirt they never used Section 7 of the RBI Act, which allows the government to order the RBI to do or not do something, ypshost45155 there is no great forbearance to be claimed there.There has never been a single occasion when the government did not get its way when it really wanted it.Whether it used Section 7 or not is immaterial.Some explanatory words about Section 7 are necessary here.First of all, it is ysl tribute replica based on Section 4 of the Bank of England Act of 1946, which was the first salvo fired by the socialist government that had replaced Winston Churchill's Conservative one in 1945.The Introduction to the nationalising 1946 Act says it was 'an ysl bag replica aliexpress Act to bring the capital stock of the Bank of England into public ownership and lxkjsqg39207 bring the Bank under public control, to make provision with respect to the relations between the Treasury, the Bank of England and other banks and for rauvknt50050 purposes connected with the matters aforesaid.'Section 4 (1) says, dukqyjl827 'The Treasury may from time to time give such directions to the Bank as, after consultation with the Governor of the Bank, leycera60249 they think necessary in the public interest.'The key point here is that both the Bank of England heayird48429 and the RBI were privately owned then.Politicians in both the countries felt the need to introduce the idea of 'public interest' into the financial sector via their respective central banks.The idea of sovereign power was thus explicitly injected into the financial sector.But then the question arose: gjmtihi26065 If something went wrong as a result of a direct order from the government, who would take the blame?Despite the insistence of the RBI that the government should accept responsibility, eotfqbp95681 the issue has never been satisfactorily resolved.The only concession made by the government was that it would not issue an order without 'prior consultations'.Whether these consultations are conducted nicely or uouovyb25795 under the aegis of Section 7 depends on the RBI governor.If he or she gets obdurate about something, the government is well within its rights to ysl sac de jour replica use the section for consultations.That this has not happened so far is cold comfort.It is not at all clear why this clause has been retained after the RBI was nationalised in 1949.Even without it, as we have seen since 1935, the RBI's 'independence' is notional. Or, as one governor put it, the RBI is independent within the limits set by the government.Thus when the government wanted to raise the credit limit to Sanjay Gandhi's Maruti from Rs 10 million to Rs 20 million in 1974, and the RBI refused, jwqvctk55801 the government simply appointed a pliant governor when the incumbent's term finished.The same thing had happened thrice before, once as early as 1937.Pliant fake ysl ring governors have been the norm rather than the exception.Indeed, even without a pliant governor, if the prime minister says 'please', whatever the government wants can get done.

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