Chief amongst which

And, mystique they possess as purveyors of money, the commodity all desire but so few understand. Behind the mist, and shorn of the public perception, the personality of the governor assumes importance in a specific context, the governor, more than any public or private functionary in the country, has the mandate of securing the monetary stability of the country.

This impinges on the day to day life of ordinary citizens. Sir Osborne Smith. His stewardship of the Imperial Bank won him recognition in banking circles in India. However, his outlook on policy issues like the exchange rates and interest rates was at variance with that of the Government.

He resigned prior to the completion of his term of office of three and a half years. Sir Osborne, however, did not sign any bank notes during his tenure. His stewardship saw the Bank through the war years and the financial experiments it engendered and catalysed, including the decisive break away from a silver currency to fiat money. His second term came to an end with his sudden demise.

During his tenure as Governor, he represented India at the Bretton Woods negotiations in , saw the transition to Independence and the partition of the country and the division of the assets and liabilities of the Reserve Bank between India and Pakistan. He helped the smooth transition of the Bank from a shareholder's institution to a State owned organisation, when the Bank was nationalised on 1st January He later held the office of Union Finance Minister between His tenure witnessed the commencement of the Planning Era as well innovative initiatives in the spheres of co-operative credit and industrial finance.

The proportional reserve system of note issue was replaced by a minimum reserve system to give the Bank greater flexibility. He resigned in the middle of January before his second extended term of office expired due to differences with the Finance Minister.

He forged closer connections between agricultural enterprise and the Reserve Bank's operations. K G Ambegaonkar did not sign any bank notes. His tenure witnessed India's shift to decimal coinage from the earlier system. The period saw conscious efforts to consolidate the banking industry. The Bank acquired powers in September to enforce amalgamations and delicensing of banks. The Bank was also active in catalysing medium term lending to industry by commercial banks by invoking the concept of refinance which led to the establishment of the Refinance Corporation for Industry Ltd.

Deposit Insurance for bank deposits was introduced in making India one of the earliest countries to experiment with Deposit Insurance.

In the sphere of monetary policy, the variable cash reserve ratio was used for the first time as were the selective credit controls. His tenure saw the establishment of the Industrial Development Bank of India , and the establishment of the Agricultural Refinance Corporation and the Unit Trust of India Other developments were the introduction of the Credit Authorisation Scheme as an instrument of Credit Regulation, the devaluation of the Rupee in , with a package of measures including import liberalisation and elimination of export subsidies.

During his tenure, social controls over commercial banks were introduced as an experiment in , as a part of which a National Credit Council was established. Shortly thereafter, 14 major commercial banks were nationalised in , a step which did not have the endorsement of the Reserve Bank.

Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; the Lead Bank Scheme was introduced to facilitate credit delivery, and the setting up of the Agricultural Credit Board.

His tenure of office was characterised by a very active monetary policy in the wake of unprecedented inflation in the country following the oil shock, an exponential expansion of banking offices in pursuance of one of the important objectives of nationalisation; the establishment of Credit Guarantee Corporation of India, the setting up of State Level Bankers' Committees and the shift to floating rates regime.

Prior to his appointment as the Governor, he was working as Secretary to the Department of Banking of the Ministry of Finance. During his tenure, Regional Rural Banks were set up; the Asian Clearing Union commenced operations; the twenty point economic programme was announced and operationalised and a new money supply series introduced.

He had a short tenure of seven months. His tenure witnessed the demonetisation of high denomination notes as well as the "gold auctions" conducted by the Bank on behalf of Government of India. During his tenure six private sector banks were nationalised, targets for priority sector lending introduced, and the Deposit Insurance and Credit Guarantee Corporations were merged, and a Departmental reorganisation was undertaken in the Bank.

He played an active role in availing of the IMF's Extended Fund Facility in due to balance of payments difficulties. This represented the largest arrangement in IMF's history at the time. During his tenure comprehensive legal reforms were carried out related to the banking sector and a new chapter introduced in the Reserve Bank of India Act and the Urban Banks Department was set up.

After his tenure in the Bank, he served in various capacities before being appointed Finance Minister. His tenure as Finance Minister was notable for the fact that he heralded in liberalisation and comprehensive reforms in India.

During his tenure efforts were made to develop the money markets and new instruments were introduced. In the field of rural finance, the Service Area Approach was adopted as an approach catalyse the flow of credit through commercial banks. The country faced difficulties related to the external sector during his tenure.

His adroit management saw the country tide over the balance of payments crisis. His term also saw India adopt the IMF's stabilisation programme where the Rupee underwent a devaluation and the launch of the programme of economic reforms. The arrangement of Government business is the ultimate-responsibility of the Leader of the House, though the details are settled, subject to his approval, by the Chief Whip.

The Leader of the House makes proposals for the dates of summoning and prorogation of the House for the approval of the Chair. He has to draw up the programme of official business to be transacted in the Session of Parliament, namely, Bills, motions, discussions on general or specific subjects like five-year plans, foreign policy, economic or industrial policy and other important State activities.

He fixes inter se priorities for various items of business to ensure their smooth passage. After settling tentative programme for the whole session, he maps out weekly and daily programme depending upon the state of progress of work and announces the programme to the members in advances every week. Here also there is a departure from British practice in our system.

The Leader of the Lok Sabha. In the event, he is not a member of the BAC, he is invited to attend its meetings. The Leader of the House shapes the course and content of legislation in as much as he is often the final voice in deciding as to what amendments will be acceptable, what private members' Bills will receive support of the Government, and whether a question should be left to a free vote.

The Leader of the House may, therefore, be said to be, perhaps, the most influential figure in the entire legislative process. Here too we have made a slight departure from the British practice. Usually in the British parliamentary system in regard to the attitude which the government will take towards, the private members' business, either a Bill or a motion or a resolution will be determined by the Prime Minister in consultation with the Leader of the House.

But in India apart from the Leader of the House there is a small. This Committee determines what attitude the government should take towards private members' business and it is not exclusively left to the discretion of the Leader of the House as is done in the British system. The Leader of the House deals with procedural matters relating to the business of the House and advises the House in every difficulty as it arises.

For that purpose he is usually present either in the House or in his room and has the right to address the House whenever he likes. He is supplied in advance with a copy of the personal statement which a member may make in explanation of his resignation from the office of Minister. He can move, or delegate his functions to any other member to move a motion that the seat of a member should be declared vacant under clause 4 of Article of the Constitution.

The Leader of the House can request the Presiding Officer to fix a day or part thereof for sitting of the House in secret. He can move or authorise any other member to move a motion that the proceedings of the House during a secret sitting be no longer treated as secret. He is available to the Presiding Officer for consultation on behalf of the government. He is consulted by the Chair in regard to the arrangement of government business and allotment of days or allocation of time for discussion of the matters referred to in the President's Address to the House under article 87 1 ; transaction of private members' business on any day other than a Friday, which is normally fixed for private members' business; discussion and voting on the Demands for Grants; discussion on no-day-yet-named motions; discussion on matters of urgent public importance and also consideration and passing of an amendment to any regulation, rule, sub-rule, bye-law etc.

The Leader of the House is generally consulted when a motion for suspension of a member from the service of the House, is moved, or a question involving a breach of privilege, either of a member or of the House, or of a committee, is raised in the House. In his day-to-day activities, the Leader of the House acts as the leader of his party, but, on occasions, he acts as the spokesman and representative of the whole House.

The chief occasions of his doing so are when the House as a whole desires to define its position towards some external body, as for instance, in the case of a difference with the other House, where there is some complaint of breach of privilege of the House against any outside body or agency or when it is desired to give expression to-the feelings of the House on some event of importance in home or foreign affairs.

And when the House speaks as a corporate body, the Leader speaks on its behalf. The responsibility of the Leader of the House is not only to the government and its supporters in the House, but to the Opposition and to the House as a whole. He maintains liaison between the government and the Opposition groups in the House. He is the guardian of the legitimate rights of the Opposition as well as those of the government.

As such, he should be among the foremost champions of the rights and privileges of the House as a whole. He has to see that the House is not denied, despite pressure from any quarters, its rightful opportunities.

Because of the important role which the Leader of the House performs, the House holds the Leader in admiration and affection. The House looks to him to guide it in a difficulty, to lead it in a critical eventuality and to help it ride out the crisis, if any. The Leader of the Opposition similarly holds an Office which arose in England out of practice and which has no official functions either according to legislation or to the rules of the House. Technically, however, he is only the leader for the time being of the Chief Opposition Party.

This affords a guarantee that its criticism will be directed by a consistent policy and conducted with responsibility-not in spirit calculated to ruin the game for the sake of the prize. The task of the Leader of the Opposition is not so difficult as that of the Leader of the House, but it is nevertheless of considerable importance.

Opposition is an essential part of democratic government. Government governs and opposition criticises. Attacks upon the Government and upon individual Ministers are the function of the Opposition. The duty of the Opposition is to oppose. That duty is the major check upon corruption and defective administration. It is also the means by which individual injustices are prevented.

This duty is hardly less important than that of government. The apparent absurdity that the opposition asks for parliamentary time to be set aside by the Government in order that the Opposition may censure the Government, is not an absurdity at all. It is the recognition by both sides of the House that the Government governs openly and honestly and that it is prepared to meet criticism not by secret police and concentration camps but by rational argument.

In fact, opposition and government are carried on alike by agreement. The minority agrees that the majority must govern, and the majority agrees that the minority should criticise. The process of parliamentary government will break down if there was absence of mutual forbearance.

The Prime Minister meets the convenience of the Leader of the Opposition and the Leader of the Opposition meets the convenience of the Government.

The Opposition has no right to obstruct, in the sense of making Parliament barren or unproductive. In view of the importance of the opposition in a parliamentary democracy, the office of the Leader of the Opposition is indeed one of responsibility. He, among other things, watches for encroachments on the rights of minorities, demands debates when the Government is trying to slide away without parliamentary criticism He must be in his place even more constantly than the Prime Minister.

He must be familiar with all the tricks of skilled parliamentarian and all the opportunities of the rules of the House. It is excellent training for the future occupants of the Treasury Bench and essential for the effective operation of democratic government. In the words of Harold Macmillan:. Equally, under our almost unique system of government the Leader of an Opposition has a very special responsibility to Parliament and to the nation.

At moments of danger, moments specialty of foreign danger, and particularly also in matters affecting the security and safety of the realms. While he remains a critic he must in a sense be, a partner and even a.

This dual responsibility he must discharge with fidelity". He is given the salary of Rs. The PAGE Committee recommended that the Leader of the largest recognised Opposition Party whether a regular party or a party composed of different parties or groups. According to the Committee, it would be a healthy parliamentary convention if the Leader of the Opposition is invited by the Prime Minister before the latter makes any policy statement in the House and is given a copy of the statement in advance, and his suggestions for fixing any particular business on a particular day are, as far as possible, accepted by the Speaker and the Leader of the House.

The Committee suggested that the Leader of the Opposition should be paid a salary, and provided with office as well as residential accommodation and some secretarial staff.

It was only in that for the first time since Independence, the two Houses had recognised Opposition Party [Congress Party Opposition formed after the split in the Congress Party in November, ] and a Leader of the Opposition in each House. Gurupadaswamy who was elected the Leader, was recognised in the Rajya Sabha.

However, no formal announcement in the matter was made in the House although he was described as such in the proceedings. The names of members of the Rajya Sabha who had functioned as Leaders of the Opposition in their respective Houses are given below Manmohan Singh Till date. Shiv Shanker. Venkataraman invited Shri Chandra Shekhar to form an alternative Government.

Shiv Shanker resigned as the Leader of the Opposition w. The Whips are not officially recognised in the standing orders of the House of Commons or the House of Lords. The efficient and smooth running of the parliamentary machine depends largely upon the Whips. I found some text which I think is useful for my understanding of this phrase. Is this usage idiomatic here? CNA provides underwriting, marketing, and servicing for its various companies, chief among which are the Continental Casualty Company, the Continental Insurance Company, and Continental Assurance Company.

It's not idiomatic - rather formal I'd say. It means " among which the main ones are. Chez Senior Member London. Yes, that's fine. I've got various medical problems, chief among which is diabetes It's a fairly formal phrase, not used all that commonly.