“At no point during my term was the RBI asked to make a decision on demonetisation,” Raghuram Rajan has said, putting to rest speculation that preparations for scrapping high-value banknotes got underway many months before Prime Minister Narendra Modi made the surprise announcement on November 8.
Raghuram Rajan has shared this in his latest book — I do what I do.
Raghuram Rajan has also clarified that although RBI was consulted, at no point during his term (which ended on September 5, 2016) was it asked to take a decision on demonetisation. He even cautioned the government about the short-term costs of demonetisation outweighing the long-term benefit (via).
About Raghuram Rajan’s book: “I do what I do”
Rajan’s commentary and speeches in I Do What I Do convey what it was like to be at the helm of the central bank in those turbulent but exciting times. Whether on dosanomics or on debt relief, Rajan explains economic concepts in a readily accessible way
Source: Raghuram Rajan breaks silence, says there were better options than demonetisation | india-news | Hindustan Times