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banking terms

By Victor S. Fischer
  ✍️ CRR Cash Reserve Ratio is the minimum fraction of total deposits of a bank’s customers that banks have to hold as reserves with the central bank. ✍️ SLR Statutory Liquidity Ratio is the ratio of liquid assets to the net demand and time liabilities. ✍️ LAF Liquid Adjustment Facility is a tool to allow banks to borrow money through repurchase agreements. It consists of repo and reverse repo operations. ✍️ MSF Marginal Standing Facility allows scheduled banks to borrow funds overnight from RBI against approved government securities. ✍️ MSS Market Stabilization Scheme is a monetary policy intervention by RBI to withdraw excess liquidity by selling government securities in the economy. ✍️ OMO Open Market Operations refers to the buying and selling of government securities in the open market so as to expand or contract the amount of money in the banking system. ✍️ REPO Repo...
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Prime Minister & its Council of Ministers

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In the Parliamentary system of Government, the Prime minister is the real executive (de facto executive) and head of the government. Since 1947, India has had 14 Prime ministers.

Appointment: The Constitution does not contain any specific procedure on the appointment procedure of the Prime minister. The Prime Minister is usually the leader of the party or alliance that has a majority in the Lok Sabha, the lower house of India's Parliament. The Prime minister is sworn in by the President of India. The President administers the Oath of Office and Oath of Secrecy to the Prime Minister.

Article 74: There shall be a Council of Ministers with the Prime Minister at the head to aid and advise the President who shall, in the exercise of his functions, act in accordance with such advice.

The President has discretionary powers when no party commands a majority in the lower house or when a Prime minister in office dies suddenly and there is no obvious successor.

The President may appoint a person as the Prime Minister and then ask him to prove his majority in the Lower House (Lok Sabha) within a reasonable period. Also, a person who is not a member of both houses may be appointed as the Prime minister for six months, within which he should become a member of either house of Parliament.
Note: Minimum age for becoming a prime minister is 25 years.

There is no restriction on the Prime minister to be only from the lower house like in the United Kingdom’s Parliamentary system. Prime minister can also be the member of Rajya Sabha.

The Prime Minister holds office on the Pleasure of the President. He must resign if he loses the majority in the lower house. This means that the term of the Prime minister is not fixed. Also, his salary and allowances are determined by the Parliament.

Power and Functions

He is the head of Union Council of Ministers. The resignation or death of an incumbent Prime Minister automatically dissolves the Council of Ministers.

He is the principal channel of communication between the President and the Council of Ministers

The Prime Minister automatically becomes the leader of the House to which he belongs

He is the Chairman of NITI Aayog, Inter-state Council, Cabinet committees etc

Role Descriptions

Primus inter pares – first among the equals

Inter stellas luna minores – a moon among lesser stars

Council of Ministers

Article 74: There shall be a Council of Ministers with the Prime Minister at the head to aid and advise the President who shall, in the exercise of his functions, act in accordance with such advice. The advice is binding on the President. Though the President may recommend reconsidering such advice tendered, the reconsidered advice is binding on the President. This provision was added by the 42nd and 44th Amendment Acts.

Article 75: The Prime Minister shall be appointed by the President and the other Ministers shall be appointed by the President on the advice of the Prime Minister.

Principle of Collective Responsibility: The Council of Ministers shall be collectively responsible to the Lok Sabha. When a no-confidence motion was passed in the Lok Sabha, the Council of Minister resigns in totality irrespective of their membership to Rajya Sabha. They work as a team and swim or sink together. The Cabinet decision is binding on all Cabinet ministers even if they differed in the Cabinet meeting.

Principle of Individual Responsibility: this means that the Council of Ministers can hold office during the pleasure of the President. The President can dismiss them on the advice of the Prime Minister. The individual responsibility is essential to ensure the rule of Collective Responsibility.

Legal responsibility: There is no system of legal responsibility in India unlike in the United Kingdom. It is not required that an order of the President for a public act should be countersigned by a minister.

The Oath of Office and Secrecy are administered to the Ministers by the President. Their salary, allowance etc are determined by the Parliament from time to time.

The Council of Ministers holds the office on the pleasure of the President. They may be removed from their office at any time by the President on the advice of the Prime Minister.

The maximum strength of Council of Ministers is fixed at 15% of the total number of members of the House of People. This was added by the 91stAmendment Act of 2003.

Any minister may participate in the proceedings of the house to which he/she may not be a member. In such cases, the minister shall not have the power to participate in the voting process. A minister shall also have the right to speak and take part in the proceedings of any Committee of the Parliament or in the Joint sitting sessions.

A person who is not a member of both houses may be appointed as a Minister for six months, within which he should become a member of either house of Parliament.

Caretaker Government: The Supreme Court had mandated that ‘even after the dissolution of the Lok Sabha, the Council of Ministers does not cease to hold office since the President cannot exercise any executive powers without the aid and advice of the Council of Ministers’.

Composition of the Council of Ministers

Cabinet Ministers: Highest decision-making body advising the President on various issues. They hold important portfolios and attend the Cabinet meeting. The word ‘Cabinet’ is mentioned in Article 352 of the Constitution added through the 44th Amendment act and is defined as ‘the council consisting of the Prime minister and other ministers of cabinet rank appointed under Article 75’.

Ministers of State: They are in-charge of independent departments of a ministry or appointed to assist the Cabinet ministers. They are not members of the Cabinet and do not attend its meetings unless invited.

Deputy Ministers: they are not given independent charge and are appointed to assist the Cabinet ministers or Ministers of State

Parliamentary Secretaries: they are attached to senior ministers to assist them in their Parliamentary duties.

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By Victor S. Fischer

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