RBI on a Circular issuing spree
YESTERDAY was the last day of the outgoing Governor of the Reserve Bank of India Dr. Duvvuri Subbarao and we saw a flurry of Circulars being issued on the following crucial issues –
+ Overseas Direct Investments – Rationalization/Clarifications
+ External Commercial Borrowings (ECB) from the foreign equity holder
+ Liberalized Remittance Scheme – Clarifications
+ Deferred Payment Protocols dated April 30, 1981 and December 23, 1985 between Government of India and erstwhile USSR
India's new Central Bank Chief Raghuram Rajan, described by the Times of India as an "economist with rock star appeal", took over the reins yesterday afternoon and in his first statement after taking charge mentioned -
Any entrant to the central bank governorship probably starts at the height of their popularity. Some of the actions I take will not be popular. The Governorship of the Central Bank is not meant to win one votes or Facebook "likes".
We will soon know how the Rupee welcomes his arrival!