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LIVE! IMF against any govt move that ‘compromises RBI’s independence’

08:42  Brazilian Prez-elect plans to relocate embassy in Israel to Jerusalem:  

Brazil’s President-elect Jair Bolsonaro has declared his intentions to move the country’s embassy in Israel from Tel Aviv to Jerusalem once he assumes office.

“Israel is a sovereign state. If you decide on your capital city, we will act in accordance. When I was asked during the campaign if I’ll do it when I was president, I said yes,” Bolsonaro told Israel Hayom in his first interview since his election victory, Washington Post reported.

The move will follow the lead of the US President Donald Trump-led administration, which acknowledged Jerusalem as the Israeli capital last year and, in May, shifted their embassy from Tel Aviv.

Since the move, officials from Palestine have withheld engagements with their US counterparts.

Jerusalem is a disputed city as Palestinians regard East Jerusalem, which was occupied by Israel in the 1967 Arab-Israeli War, as the capital of the future independent state they demand.

Guatemala and Paraguay are the only two countries to have implemented the move after the US so far, although Paraguay later rescinded their decision.

Several other countries have indicated that they will also shift their embassies to Jerusalem in the future.

Though Brazil and Israel have a long history of bilateral relations, their relations have been strained in recent years. Brazil had in 2014 criticised the use of ‘disproportionate’ armed forces by Israel in the Gaza Strip, with an Israeli Foreign Ministry spokesman labelling the South American nation a ‘diplomatic dwarf’ and an ‘irrelevant diplomatic partner’.

Bolsonaro, who will assume the office of the Brazilian President from January 1, has often hinted towards his wish for closer ties with Israel, pledging his support for the Middle Eastern nation on the international stage during the interview with Israel Hayom.

“Rest assured that you can depend on our vote in the UN on almost all the issues having to do with Israel,” Bolsonaro said.

Israeli Prime Minister Benjamin Netanyahu took to Twitter, to laud the move to relocate the embassy from Tel Aviv to Jerusalem.

‘Congratulations my friend, the incoming Brazilian President, Jair Bolsonaro, on his intention to move the Brazilian Embassy to Jerusalem. This is a historic step, right and exciting!’ Netanyahu tweeted.

Bolsonaro also said that he intended to shift the Palestinian Embassy in Brasilia, saying, “It was built too close to the presidential palace. No embassy can be so close to the presidential palace, so we intend to move it.”

During Luiz Inacio Lula da Silva’s tenure as the President, Brazil had recognised Palestine as a sovereign nation, which Bolsonaro has indicated he is opposed to.

“Palestine first needs to be a state to have the right to an embassy,” Brazil’s President-elect said.  — ANI

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08:36  IMF against any govt move that ‘compromises RBI’s independence’:  

The International Monetary Fund has said it was monitoring the development in India with regard to the reported rift between the Reserve Bank of India and the Centre.

It expressed its opposition to any move that compromises with the independence of central banks anywhere in the world.

“We’re monitoring the development on that issue and will continue to do so,” IMF Director of Communications Gerry Rice told reporters on Thursday when asked about the row.

“Just stepping back, as a general principal, and we’ve said this before. I’ve said this before standing here that we support clear lines of responsibility and accountability…

“And, international best practice is that there should be no government or industry interference that compromises the independence of the central bank and financial supervisor,” Rice said.

This is true across the range of countries that the independence of the central bank and the financial supervisor is of utmost importance, he asserted.

“We regard it as such and we have to make that statement in the context of a number of countries. So, I think that’s probably the best response I can give you,” Rice said, responding to a question on the increasing efforts globally to criticise central banks, including the one by the US President Donald Trump in recent weeks.

The row was sparked off last Friday when RBI Deputy Governor Viral Acharya in a hard-hitting speech warned that undermining central bank’s independence could be ‘potentially catastrophic’, possible indication of the RBI being pushed to relax its policies ahead of general elections next year.

Sources privy to development said the government had sent at least three letters on different issues under Section 7 of the RBI Act that gives it powers to issue any direction to the central bank governor on matters of public interest.

The standoff was in relation to RBI’s handling of weak public sector banks, tight liquidity in the market and ways of resolving bad loans in the power sector.

Unconfirmed reports claimed Governor Urjit Patel was considering stepping down if the government were to issue an unprecedented direction.

Without acknowledging that the notices have been sent to the RBI, the Finance Ministry in a statement said that the ‘autonomy for the central bank, within the framework of the RBI Act, is an essential and accepted governance requirement. Governments in India have nurtured and respected this’.  —  PTI

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00:04  CJI opens courtrooms, judges’ library for common people on Saturdays:  

The Supreme Court as a “public institution” needed to be opened for common people on Saturdays barring holidays, Chief Justice of India Ranjan Gogoi said Thursday.

 

The CJI also inaugurated the Centre for Research and Planning, an “in-house think tank” and launched a portal through which citizens can book their visit to the court, which will be open from 10 AM to 1 PM every Saturday, except on declared holidays.

The common public can now have a guided tour of courtrooms, judges’ library on Saturdays.

The think tank would carry out “cutting-edge research” into fundamental jurisprudence and the principles and doctrines of law as well as on judicial reforms for improvement in justice delivery system. 

“As my colleagues are concerned I really seek a post-facto approval. The decision was entirely mine. I did not consult any of you. I apologise for it but I hope you will approve of it,” the CJI said candidly when discussing the aspects to be covered by the ‘think tank’. 

In a function organised at Judges’ lounge, Justice Gogoi said, “The in-house centre will be a very small body but it will be meant for domain experts all over the country who will be contributing their line of thoughts.”

The main mandate of the think tank would be to collect, assimilate and disseminate inputs for judicial reforms, legal education and development of jurisprudence of the Supreme Court of India.

Dealing with the aspect of throwing open the gates of apex court for common public, Justice Gogoi said, “It is an experiment, a very limited exposure to the Supreme Court, a public institution that I thought should be opened up in a limited way.”

Professor Mohan Gopal, academician and former vice chancellor of National Law School of India, Bangalore, also spoke at the programme.

He said the think tank could play an important role in better explaining to the general public, the work of the Supreme Court.

“We are setting out on a very important venture to create a permanent body of knowledge that can be accessed by the entire legal fraternity and by the public that will improve the better understanding of the working of the judiciary and the justice system,” he said. — PTI

Photograph: Ravi Choudhary/PTI Photo

Source: Rediff