My Dear friends,
FINANCIAL GOVERNANCE
I append here an interesting communication thread between me and Smt. Aditi Bhat - a practicing Lawyer from Bhopal who has been one of my valuable friends on WhatsApp. Smt. Aditi Bhat has broached a topic on COUNTRY'S FINANCIAL GOVERNANCE:
Since the topic raised by my friend - Smt. Aditi Bhat, herself, being a practicing Lawyer in Lucknow / Bhopal High Court, is of quite interesting and relevant to all our friends, I take pleasure to share with you all.
QUOTE:
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Madam,
I have for reference to your observations on the "country's poor financial governance" and I submit my reactions / observations within my limited knowledge:
Unfortunately RBI has not been an independent entity till now... the despot of the discrete authorities of all the Governments in the past / present who have been all along, laying their hands to control the monetary polices of RBI from time to time..
Under the above situation, RBI need to be made as a constitutional entity akin to CEC ,CAG , JUDICIARY .etc. Further audit by CAG must be made mandatory like any other
Government Organisations.
The above suggestions of mine assumes a lot of importance , in the wake the worst financial crisis created at the behest of the previous governments when the RBI WAS "DRIVEN TO THE WALL" TO PHYSICALLY AIR LIFT ITS ENTIRE BULLION RESERVES AGGREGATING TO AROUND 8 MILLION TONNES TO IMF / BANK OF ENGLAND , TO SECURE A DEBT IN THE INTERNATIONAL MARKET TO BAIL OUT THE FROM A SEVERE FINANCIAL CRISIS EVER FACED BY THE NATION SINCE THE INDEPENDENCE. !
THE ABOVE RAMIFICATIONS OF THE POOR FINANCIAL GOVERNANCE IN THE PAST STAND AS AN INDELIBLE TESTIMONY FOR THE POSTERITY.....
That was the prevailing situation when a minority Government lead by late P V NARASIMHA RAO who served FOR FULL TERM UNOPPOSED , had to bail out THE NATION with his shrewd governance...
IN FACT , NONE OF THE ALLIED POLITICAL PARTIES IN THE CONGRESS-LEAD UPA ALLIANCE WERE PREPARED TO TAKE THE REINS OF THE NATION WHICH WAS IN "TROUBLED WATERS" WITH ITS FOREX RESERVES AT ITS ROCK-BOTTOM WHICH WERE JUST SUFFICIENT TO MEET THE NATION'S REQUIREMENT - HARDLY FOR LESS THAN TWO WEEKS....
THE CONTENTS IN MY FOLLOWING LINKS MIRROR THE COUNTRY'S FINANCIAL GOVERNANCE IN THE PAST.....
"CHIDAMBARA RAHASYAM".....
https://drive.google.com/file/d/1pgZiEHCvAzwUfX5sVQEelV5m4PA97Lty/view?usp=sharing
LEGEND BANKER - R K TALWAR....
https://drive.google.com/file/d/1BM6pKFp_hGkUyNfnFaEjBiEN5GKc_2mq/view?usp=sharing
UNDER THE ABOVE SCENARIO , RBI MUST BE MADE A CONSTITUTIONAL AUTHORITY FOR BETTER FINANCIAL STABILITY OF THE COUNTRY....
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UNQUOTE:
https://drive.google.com/file/d/1oL9MWhSGtyOhNV5CKHKYq4kdmunZ1KR6/view?usp=sharing
I once again, sincerely thank my friend Smt. Aditi Bhat, for her initiative.
With Greetings and Regards
“|| यतो धर्मस्ततो जयः ||” IS THE ULTIMATE......
I remain - Yours,
దేవులపల్లి శ్రీనివాస మూర్తి /Devulapalli Srinivasa Murti.
MAY 06, 2020
VIJAYAWADA 521108
9989318300
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d s murti