Former central bank head Raghuram Rajan had cautioned the government that short-term costs of a radical ban of high-value currency notes would outweigh the long-term benefits, Times of India newspaper reported on Sunday. He had first given his opinion on whether to carry out the ban in February 2016, the paper reported, citing excerpts from Rajan's book on his stint at the Reserve Bank of India (RBI), titled "I Do What I Do: On Reforms Rhetoric and Resolve". That was months before Prime Minister Narendra Modi stunned the country on November 8 by abolishing 500- ...
Raghuram Rajan on demonetisation: RBI cautioned Modi govt on consequences
Central bank's former chief made the remark during an interview that came out today