CREDIT POLICY-Will the Reserve Bank Dare

Chandigarh is apparently part of the preparation for moving lock, stock and barrel from Corbusier's "City Beautiful" to some part of Haryana. This has become necessary in view of the Prime Minister's award of January 1970 on the inter-state boundary dispute. According to the award, Chandigarh (currently a Union Territory and the joint capital of the two states) would go to Punjab in January 1975. The Haryana decision is being interpreted as confirmation of its intention to establish a capital somewhere else and not in the vicinity of Chandigarh, The decision further restricts Punjab University's jurisdiction, already trimmed by the establishment of the Guru Nanak and Punjabi universities some years ago. From next year, its control over colleges would be confined to the three Punjab districts of Ropar, Hoshiarpur and Ludhiana, apart from those functioning at Chandigarh. Its revenues will also be reduced by about Rs 40 lakhs, which is Haryana's annual contribution at present.