DeMon in the details: RBI's role in demonetization


Date: Tue, Mar 12, 2019
Subject: Letter to BS: Note ban forced ownership of every rupee in monetery system


https://wap.business-standard.com/article-amp/opinion/letter-to-bs-note-ban-forced-ownership-of-every-rupee-in-monetery-system-119031100902_1.html
My response:


M G Warrier                           

Letters*
March 11, 2019
Welcome revelations

This refers to the report “Minutes: RBI had warned Centre against demonetization” (Business Standard, March 11). The contents of the November 8, 2016 RBI Central Board meeting minutes now available suggest that the public perception, created mostly by the then RBI Governor Raghuram Rajan a year after his laying down office as governor, that RBI was not heard adequately before GOI decided on demonetization is not based on facts. RBI got an opportunity to consider the proposal and based on the institutional wisdom recommended in favour of the move. Media should not follow the present political practice of supporting the minority view even in matters decided by majority judgments by the Apex Court. One remembers with regret that RBI did not involve itself adequately at the highest level in the preliminary  preparations for implementing demonetization.
When there is a difference in perception on policy issues between GOI and statutory bodies it is natural that GOI’s views will prevail. If GOI’s moves go against public interest or the established law of the land, fortunately safety systems in the form of legislatures and judiciary exist in India. Perhaps, the issue is resurfacing now in the context of ensuing Lok Sabha Elections which again proves that our democracy is in working condition.
M G Warrier, Mumbai
*Not yet published

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