National
I may have resigned if note ban was thrust: Rajan
New Delhi, Sep 7 (IANS) Former RBI Governor Raghuram Rajan said on Thursday that he would have resigned if the demonetisation decision was thrust on him but made it clear that the government can bypass the central bank if it wants to push ahead with such a decision.
“It (demonetisation) happened in 1978. Government brought in demonetisation through an ordinance. The government can completely bypass the RBI,” he told the media ahead of the launch of his book “I do what I do – On Reform, Rhetoric and Resolve” in the capital.
Asked what he would have done if the government wanted to bring in demonetisation and whether he would have said “No, only over his dead body”, Rajan replied the government does not need the RBI’s nod and if it still wanted to go ahead with it, “then the only option is – take my resignation”.
“It is not fair to answer this question unless you are in that position. Any civil servant, regulator or a central banker…to the extent they have to implement a policy they don’t believe in, basically (they) should not be sabotaging the policy because it is for the elected government to do what it wants. The only option is opting out.”
Rajan said during his tenure in the RBI, which ended in the first week of September last year, “absolutely there was no date fixed for implementing demonetisation”.
In his book, Rajan has talked of an informal verbal discussion with the government on demonetisation that was announced on November 8 last year.
Rajan said if the government wanted to implement demonetisation without disruption, then it should have all the currency it wanted to replace from day one.
Asked about his views on the impact of demonetisation on the economy, he prefaced his reply with a caveat that he would be extremely careful about what he would say because the country still did not have all the data.
But he did concede that the note ban did affect the economy and eat into investment and threw out a lot of business on the margins.
“We don’t knock the economy for a six. We don’t do that,” he said.
He said while the intent of the government in doing demonetisation was to bring a lot of people not paying taxes into the tax net, the Rs three to Rs four lakh crore extra that has come into the formal banking system would cost the RBI because interest has to be paid on that sum. While tax compliance was welcome, the short term impact of the note ban decision was it could have cost the GDP growth by 1 or 1.5 per cent.
While successive finance ministers have tried to go after tax dodgers, the government could find some way of doing it better but “avoid a shock like demonetisation”, he said.
While the unaccounted money was serving the economy, by now coming into the banking system it would involve an interest outgo of Rs 20,000–Rs 22,000 crore a year. Also the dividend payment of RBI has come down from Rs 65,000 crore by half.
The former RBI Governor said the move to link Aadhaar with bank accounts was welcome subject to concerns expressed by the Supreme Court judgement in the privacy case, which he described as “splendid”.
To questions about what was discussed between him and the government before he exited from the RBI and whether he would have liked to continue for another term, Rajan said as his tenure was nearing an end he wanted to know from the government about their plans for him as he would have to tell the University of Chicago from which he had taken leave.
He said it would be inappropriate for him to give the details of the discussion, but did acknowledge that there was no agreement between the two sides.
In fact, he said, he wanted to continue at the helm of the RBI to work on two things — banks clean up and the Monetary Policy Committee. “I was open.”
He dismissed a report by a noted columnist recently that the Modi government was open to giving a fresh term but leave considerations in the University made him hesitant. “False,” he said on the report, adding that the University would have given him leave if he had wanted.
–IANS
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National
Foodman Vishal Singh Honored for Hunger Free World Mission in Bangkok
Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.