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He further added that the RBI prepared an informal note on this.
"A committee was set up and started the process of discussion. In my view, it never came back to us that here is a decision that you've to make or here's the timing we want to do this scheme," said Rajan.
The RBI had started the process of designing new notes and the new notes - 2000, 500 and a new 1,000 - had been approved in May. To say none (of notes ban prep) was done would be incorrect. But, a monetary economist would've liked for all the notes to replaced at one go."
He also talked about his departure from the RBI and said that "I never resigned, my term just ended".
The government did not offer me a new contract and that's where it ended, he said.
He also praised Right to Privacy judgement passed by the Supreme Court and said, "We are open, tolerant society open to different viewpoints. Right to Privacy judgement is a proof of this."
Replying a question about criticism, the former RBI governor said, "In these jobs, you get lot of criticism but if you pay attention to criticism then you can't do anything."