Shaktikanta Das, Narendra Modi’s demonetisation man, has a fresh task at hand: Tame a rebellious central bank
6 years, 1 month ago

Shaktikanta Das, Narendra Modi’s demonetisation man, has a fresh task at hand: Tame a rebellious central bank

Firstpost  

Two years after note ban, Shaktikanta Das has been given another task by the Modi government–to douse the raging fire at Mint Road Shaktikanta Das, Narendra Modi’s demonetisation man has been given a fresh task—to tame a rebellious central bank, the top brass of which is on a warpath with the central government. It was Das, who as the former economic affairs secretary, spearheaded Narendra Modi government’s November 2016 demonetisation programme—a controversial economic exercise which invalidated 86 percent of currency in circulation overnight in search of black money in Asia’s third-largest economy. — Shaktikanta Das November 8, 2017 Two years after note ban, Das has been given another task by the Modi government–to douse the raging fire at Mint Road. If he doesn’t, Das will join the long list of RBI governors who have metamorphosised from an old friend-turned-foe for the ruling government, like say D Subbarao.

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History of this topic

RBI Governor Shaktikanta Das bids adieu on X, talks of ‘unprecedented global shocks’
1 month ago

RBI Governor Shaktikanta Das bids adieu on X, talks of ‘unprecedented global shocks’

Live Mint  

Reserve Bank of India Governor Shaktikanta Das is stepping down today, December 10. ‘Benefitted from PM Modi's Thoughts and Ideas’ Thanking the prime minister, Das added, “Immensely grateful to the Hon’ble PM Narendra Modi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts.” …

Shaktikanta Das: Six major policy decisions in six years as RBI Governor
1 month ago

Shaktikanta Das: Six major policy decisions in six years as RBI Governor

India TV News  

Outgoing Reserve Bank of India Governor Shakti Kant Das has guided the country’s monetary policy through turbulent times during his six-year tenure. The central bank also announced a monetary policy including a Targeted Long-Term Repo Operations of Rs 1 lakh crore aimed at supporting critical sectors like MSMEs and NBFCs. Indian digital currency revolution Under Das’s leadership, India made significant …

‘Demonetisation Notification Was Unlawful': 10 Points from Justice Nagrathna's Dissenting Judgment
2 years ago

‘Demonetisation Notification Was Unlawful': 10 Points from Justice Nagrathna's Dissenting Judgment

News 18  

The November 8, 2016 notification of the central government demonetising currency notes of Rs 500 and Rs 1,000 denomination was “unlawful”, Justice BV Nagrathna said in her dissenting judgment on Monday even as the Supreme Court upheld the controversial note ban in a 4:1 verdict. In her dissenting judgment, however, Justice Nagrathna said though the move to scrap the high-value …

Supreme Court directs Centre, RBI to submit records behind demonetisation decision
2 years, 1 month ago

Supreme Court directs Centre, RBI to submit records behind demonetisation decision

The Hindu  

The Supreme Court on December 7 directed the Centre and the RBI to place on record the “relevant records” relating to the government’s 2016 decision to demonetise currency notes of ₹1,000 and ₹500 denomination for its perusal. Reserving its verdict on a batch of pleas challenging the Centre’s decision, a five-judge Constitution Bench headed by Justice S.A. Nazeer heard the …

Demonetisation Well-Considered, Led To Benefits; Consultation With RBI Began In Feb 2016 : Centre Tells Supreme Court
2 years, 1 month ago

Demonetisation Well-Considered, Led To Benefits; Consultation With RBI Began In Feb 2016 : Centre Tells Supreme Court

Live Law  

The 2016 banknote demonetisation was a major step to fight "the menace of fake currency notes, storage of unaccounted wealth, and financing of subversive activities" and was not a "standalone or isolated economic policy action", submitted the Union of India in an affidavit. This policy was "a well-considered decision" and "an important action" in a series of economic policies and …

Rupee holding up well relative to emerging market peers, advanced economies: RBI Governor Shaktikanta Das
2 years, 5 months ago

Rupee holding up well relative to emerging market peers, advanced economies: RBI Governor Shaktikanta Das

Firstpost  

Days after the domestic currency breached the 80-level against the dollar, Das said Reserve Bank of India has zero tolerance for volatile and bumpy movement in the rupee Mumbai: Reserve Bank of India Governor Shaktikanta Das on Friday said the rupee is holding up relatively well when compared to the currencies of emerging market peers and advanced economies. Days after …

'No apology': Rahul Gandhi takes swipe at Modi govt on 5 years of demonetisation
3 years, 2 months ago

'No apology': Rahul Gandhi takes swipe at Modi govt on 5 years of demonetisation

India TV News  

Taking a swipe at BJP-led NDA government on 5-years of demonetisation, Congress leader Rahul Gandhi on Monday said that note-ban was a planned step by the government in the interests of its friends for which people there is no apology. "People would have forgiven the government had it been a mistake but demonetisation was intentionally a planned step by the …

RBI has 'major concerns' over cryptocurrencies: Governor Shaktikanta Das
3 years, 10 months ago

RBI has 'major concerns' over cryptocurrencies: Governor Shaktikanta Das

India Today  

The Reserve Bank of India has “major concerns” about cryptocurrencies, Governor Shaktikanta Das said on Wednesday, flagging potential risks to financial stability. “We have major concerns from the financial stability angle,” Das told news channel CNBC-TV18 in an interview, adding that the RBI was “targeting to launch” a digital currency. “In order to ensure that there is financial stability we …

Four years of Demonetisation: PM Modi hails move, Congress observes \'betrayal day\'
4 years, 2 months ago

Four years of Demonetisation: PM Modi hails move, Congress observes \'betrayal day\'

Deccan Chronicle  

On the fourth anniversary of demonetisation, the debate continued to rage regarding the alleged ‘masterstroke’ by the Modi government. Prime Minister Modi on Sunday tweeted about the beneficial outcomes of demonetisation, claiming the outcomes of demonetisation “have been greatly beneficial towards national progress.” Listing out the said benefits, he said demonetization has helped reduce black money, increase tax compliance and …

Demonetisation helped curb black money: Narendra Modi
4 years, 2 months ago

Demonetisation helped curb black money: Narendra Modi

The Hindu  

On the fourth anniversary of demonetisation, Prime Minister Narendra Modi on Sunday said the move helped in reducing black money, increase tax compliance and formalisation of the economy. In a video, released as part of this campaign, Mr. Gandhi held demonetisation responsible for Bangladesh doing better than India in terms of economic growth and alleged that the move “destroyed” India’s …

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul
4 years, 2 months ago

Demonetisation ‘destroyed’ economy, helped few crony capitalists, alleges Rahul

The Hindu  

Congress leader Rahul Gandhi on Sunday slammed the government over demonetisation, alleging that Prime Minister Narendra Modi’s move four years ago was aimed at helping a few of his “crony capitalist friends” and had “destroyed” the Indian economy. In a video released as part of the party’s online ‘SpeakUpAgainstDeMoDisaster’ campaign, Mr. Gandhi said the question is how the economy of …

RBI Press Conference | Highlights
4 years, 9 months ago

RBI Press Conference | Highlights

India TV News  

Reserve Bank of India governor Shaktikanta Das is holding a press conference as market mayhem continues due to coronavirus pandemic concerns. The Reserve Bank of India governor Shaktikanta Das has announced two-step mechanism to fight the global effects of COVID-19 but he stops short from announcing any rate cut. Big announcements from RBI governor Shaktikanta Das Press Conference - Yes …

Six months into Shaktikanta Das’ term in Reserve Bank, the central bank is a tamed, friendly beast for the govt
5 years, 7 months ago

Six months into Shaktikanta Das’ term in Reserve Bank, the central bank is a tamed, friendly beast for the govt

Firstpost  

During the course of Urjit Patel’s tenure, the RBI repeatedly reminded the government about why it should be left alone to do its job On 12 December 2018, the Narendra Modi-government appointed Shaktikanta Das as the 25th governor of the Reserve Bank of India after the controversial resignation of Das’ predecessor, Urjit Patel. In his public outburst, Acharya went a …

RBI chief Shaktikanta Das seen as safe no matter who wins Elections 2019
5 years, 8 months ago

RBI chief Shaktikanta Das seen as safe no matter who wins Elections 2019

Live Mint  

Mumbai: India’s central bank Governor Shaktikanta Das has built up support on both sides of the political divide, making his position relatively safe under a new government no matter who wins the election. Before becoming governor, Das was economic affairs secretary in Modi’s government, and the public face of the prime minister’s controversial decision in November 2016 to ban high-value …

RBI governor Shaktikanta Das meets finance minister Arun Jaitley ahead of monetary policy meeting
5 years, 9 months ago

RBI governor Shaktikanta Das meets finance minister Arun Jaitley ahead of monetary policy meeting

Firstpost  

New Delhi: Reserve Bank of India Governor Shaktikanta Das Monday met Finance Minister Arun Jaitely, and is believed to have discussed the current economic situation, ahead of the first bi-monthly monetary policy for 2019-20. The meeting of the six-member Monetary Policy Committee to decide on the first bi-monthly policy statement for 2019-20 will be held from 2 to 4 April. …

Note Ban Would Not Have Material Impact, RBI Had Warned Govt
5 years, 10 months ago

Note Ban Would Not Have Material Impact, RBI Had Warned Govt

The Quint  

The minutes of the crucial board meeting, which approved the government's request for demonetisation, recorded the presence of the then RBI Governor Urjit Patel and the then economic Affairs Secretary Shaktikanta Das. Others at the board meeting included the then Financial Services Secretary Anjuli Chib Duggal, and RBI deputy governors R Gandhi and S S Mundra. "It is a commendable …

Will uphold credibility and autonomy: Shaktikanta Das, new RBI Governor
6 years, 1 month ago

Will uphold credibility and autonomy: Shaktikanta Das, new RBI Governor

Hindustan Times  

New Reserve Bank of India Governor Shaktikanta Das said on Wednesday he would adopt a consultative approach and move quickly to meet bank chiefs and other parties to tackle issues facing the sector. Speaking on the relations between the Central government and the RBI, the new Governor said, “I don’t know if the relationship is good or not but we …

Shaktikanta Das is Modi’s Man on RBI Hot Seat, But So Was Urjit Patel Before it Got Too Hot to Handle
6 years, 1 month ago

Shaktikanta Das is Modi’s Man on RBI Hot Seat, But So Was Urjit Patel Before it Got Too Hot to Handle

News 18  

New Delhi: The next Governor of the RBI, Shaktikanta Das, is no stranger to the ways the Modi government works. Not just a senior bureaucrat whom the Modi government seems quite comfortable with, Das has also previously served on the central bank’s board. Remember, among the reasons for the deep divide between the government and the RBI was the perceived …

Who is Shaktikanta Das? The New RBI Governor on the Block
6 years, 1 month ago

Who is Shaktikanta Das? The New RBI Governor on the Block

The Quint  

The new governor takes charge at a time a number of contentious issues persist between the central bank and the government. At the last board meeting of the RBI’s central board in November, it had been decided to set up a committee to re-look at the economic capital framework adopted by the RBI. The board is scheduled to meet next …

Shaktikanta Das, who oversaw demonetisation, is new RBI governor
6 years, 1 month ago

Shaktikanta Das, who oversaw demonetisation, is new RBI governor

Live Mint  

New Delhi/Mumbai: The government on Tuesday appointed Shaktikanta Das, member of the fifteenth finance commission, as the governor of the Reserve Bank of India, a day after Urjit Patel resigned at the end of a bruising tussle with the government over the regulator’s independence and the regulation of banks. Das, who was secretary in the department of economic affairs when …

Government destroyed MSMEs, now wants RBI to revive it: Chidambaram
6 years, 1 month ago

Government destroyed MSMEs, now wants RBI to revive it: Chidambaram

The Quint  

New Delhi, Nov 21 Picking on Prime Minister Narendra Modi's remarks that demonetisation was a "bitter" medicine to get rid of black money, Congress leader P. Chidambaram on Wednesday said it destroyed the Micro, Small and Medium Enterprises and now the government wanted RBI to revive the sector. The former Finance Minister also took strong exception to remarks reported in …

Chhattisgarh Assembly Elections 2018: Note ban hurt poor, benefited rich, claims Rahul Gandhi
6 years, 2 months ago

Chhattisgarh Assembly Elections 2018: Note ban hurt poor, benefited rich, claims Rahul Gandhi

India TV News  

Congress president Rahul Gandhi Tuesday launched a counter attack on Prime Minister Narendra Modi over demonetisation, saying the note ban hurt the poor and benefited the rich wearing "suit-boot". The Modi-led government "snatched" Rs 30,000 crore from the poor and put it in the pocket of the industrialist, Gandhi said. Hitting out at Rahul and Sonia Gandhi for questioning him …

2 years of demonetisation: Arun Jaitley praises note ban, says it led to formalisation of economy, created more resources for poor
6 years, 2 months ago

2 years of demonetisation: Arun Jaitley praises note ban, says it led to formalisation of economy, created more resources for poor

India TV News  

On second anniversary of demonetisation, Union Finance Minister Arun Jaitley on Thursday praised the note ban and said that it helped in formalisation of the economy that led to more revenue, more resources for the poor, better Infrastructure, and a better quality of life for India’s citizens. In a Facebook post titled “Impact of Demonetisation”, Jaitley said that the Government …

RBI vs Narendra Modi government: Public spat won’t help, but India’s best bet is not to mess with its central bank
6 years, 2 months ago

RBI vs Narendra Modi government: Public spat won’t help, but India’s best bet is not to mess with its central bank

Firstpost  

Almost every RBI governor, be it Y V Reddy or D Subbarao, have pitched for central bank autonomy in public forums inviting the wrath of the government of the day. The turf war between the Reserve Bank of India and the Narendra Modi government on the subject of the central bank’s autonomy is out in the open and is turning …

Opinion | Moving out of the shadow of failed demonetization
6 years, 4 months ago

Opinion | Moving out of the shadow of failed demonetization

Live Mint  

The Reserve Bank of India has reiterated in its new annual report what it said in the previous one released in September 2017—most of the bank notes that were pulled out of circulation in November 2016 have been returned to it. The latest figure is an update of the one released last year, when the central bank had said it …

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