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I came from USA to India for notes change during demonetisation: Raghuram Rajan



New Delhi, Sep 8: Raghuram Rajan, former Governor of the Reserve Bank of India says he was open to staying on as Governor but the “government did not grant me contract.”

He also said if unprepared, the notes ban can have a chilling impact on the economy. “I conveyed my notes ban concerns to those that mattered.”

Following are the highlights of Raghuram Rajan’s interview with NDTV:

He was asked that as a RBI governor two-year extension was offered, he denied and said they just had to plan it, that’s all and I had a three-year term and the term came to an end. If there had to be an extension, there had to be an agreement with the government but there wasn’t.  The government did not offer me a new contract and that’s where it ended.

When asked was RBI keen to have you back, he replied I am the wrong guy to ask (this). I cannot go into the details of our discussion but there was no agreement in the end.

He said if you’re not prepared on Day 1 with all the currency that’s being replaced – currency is important for economic activity – you will have a chilling of economic activity. You would see a dramatic slowdown of economic activity on the note ban issue.

His opinion on notes ban achievement, “There is the question of whether you can catch the guys that you want to catch and do they find ways around it. I think the worst possible combination of circumstances will be where you don’t catch the guys but you still have the effects on economy.”

‘Indians are good at Jugaad’. “In India working people have coined the word jugaad. We’re pretty good at jugaad. So if you know India well you should recognise that a lot of Jugaad happened – people will find ways around it. Its economic arbitrage with a touch of illegality about it.”

In the interview he was asked on many critical issues:

On the notes ban process

What we have said in the book that after we gave our note, 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.

On new notes

We had started the process of designing the new notes. 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.

We don’t yet know the full effects of demonetisation. Based on information that we have now, ignoring future dividends, the answer is fairly obvious. (no)

On Aadhaar Cards

“I like the process of getting everybody to sign on to their accounts with the Aadhaar number.”

On Gauri Lankesh murder

It’s very unfortunate that a journalist – or anybody – be killed. But it’s too early to draw conclusions. We have to be vigilant that we don’t narrow the space for discussion but let us not worry that the country is going towards only one direction.

Raghuram Rajan on trolls

“We should not let our dialogue be governed by the idiocracy”.

On Indian economy

Efficiency of economic system breaks down with protectionism.

“One of the reason for the rise of populist nationalism is because of a sense of victimisation among the majority community. This leads to long term problems for the economy.”

Wefornews Bureau


Twitter likely to ban cryptocurrency ads, claims Report

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.




San Francisco, March 19: After Facebook and Google, now microblog platform Twitter likely to ban cryptocurrency, token sales and Initial Coin Offerings (ICO) related advertisements.

News agency IANs citing a Sky News report on Monday stated the new Twitter policy will be rolled out within in two weeks.

“Twitter may also ban all ads for cryptocurrency exchanges, with some limited exceptions, when the policy is launched,” the report claimed.

Last week, Google announced that it will debar advertisements for cryptocurrencies and other “speculative financial products” across its ad platforms.

The ban on such advertisements will be effective from June.

“We updated several policies to address ads in unregulated or speculative financial products like binary options, cryptocurrency, foreign exchange markets and contracts for difference (or CFDs),” Scott Spencer, Google’s Director of Sustainable Ads, said in a blog post.

“In June 2018, Google will update the financial services policy to restrict the advertisement of contracts for difference, rolling spot forex and financial spread betting,” the search engine giant asserted.

In 2017, Google scrapped more than 3.2 billion ads that violated its advertising policies.

The search also blocked 79 million ads in its network for trying to send people to malware-laden sites and removed 400,000 of these unsafe sites last year.

In January, social media giant Facebook put a ban on all ads promoting cryptocurrencies, including Bitcoin and ICOs.

The new policy prohibits ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, Facebook said in a statement.

“We want people to continue to discover and learn about new products and services through Facebook ads without fear of scams or deception.

“That said, there are many companies who are advertising binary options, ICOs and cryptocurrencies that are not currently operating in good faith,” stated Rob Leathern, Product Management Director at Facebook.


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Global cues, fears of political instability dent equity indices




Mumbai, March 19: Negative Asian cues — on the prospect of higher interest rates in the US and global trade wars — pulled the key indices of the Indian equity market lower during the early morning session on Monday.

Apart from global cues, fears of domestic political instability dented investors’ risk-taking appetite. However, value buying had initially pushed the equity indices higher.

According to market observers, heavy selling pressure was witnessed in oil and gas, metals and auto stocks.

At 9.30 a.m., the barometer 30-scrip Sensitive Index (Sensex) of the BSE traded at 33,142.37 points — down 33.63 points, or 0.10 per cent, from its previous close of 33,176 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged-lower. It was down by 17.90 points, or 0.18 per cent, to close at 10,177.25 points.


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Key challenges, political will top agenda as Crans Montana Forum begins



Crans Montana Forum 2018

Dakhla (Morocco), March 16 : With focus on key international challenges like urban global management, ocean economy, food and public health issues and the growing potential of Africa-Asia cooperation, the Crans Montana Forum began on Friday in this western town of Morocco.

Former French President Nicolas Sarkozy, Reverend Jesse Jackson, President and Founder of Rainbow Push Coalition, and leaders from several countries joined Jean-Paul Carteron, Honorary Chairman and Founder of the Crans Montana Forum, at the opening ceremony here.

The major focus of the Forum this year is on the Africa and South-South Cooperation.

In his address, Jesse Jackson, one of America’s foremost civil rights figures, stressed on the need to develop and mobilize political will to “end poverty, hunger, illiteracy and killer diseases in the world”.

“Humans have limited but genuine freedom through our individual decisions and our collective politics to make a positive difference in the world. If we can develop and mobilize political will, we will find constructive ways for South-South Cooperation and end the divisions of North and South, rich and poor, powerful and disenfranchised,” Jackson said.

Organized under the patronage of His Majesty King Mohammed VI, a royal message from the King was read at the Forum’s opening ceremony by Yanja El Khattat, President of the Dakhla-Oued Eddahab Region, of which Dakhla is a part.

Various speakers at the opening ceremony highlighted the crucial role being played by Morocco to be a platform of gateway to Africa and to highlight the kep challenges being faced by African and other countries.

The conference is being attended by over 3,500 delegates and leaders from various countries and 43 international organizations.

The Forum will discuss the crucial issue of urban global management in view of the increasing rural exodus and the urban planning challenges.

The Forum will also discuss extending the Silk Road to Africa and fostering Asia-Africa partnerships. It will also have sessions on women empowerment and youth empowerment and integration.

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