DrHabeebRahimanPA 1338 days ago

RBI being the Monetory Authority of the country, when takes a decision on its officially constituted Central Board, takes a decision to demonetise HVN, it should own the decision, as they have the exclusive authority and autonomy under relevant statute to take any decision of their choice either to go in for demonetisation or to reject the proposal. After having taken the decision, the highest independent statutory authority with full autonomy to take any decision, they feel fit, should stand by the decision rather than passing on the buck to some one else, like the proposal came from Govt. One thing should be made crystal clear that any person / organisation / govt organisation or the Govt itself is free to submit any proposal to RBI Board for its consideration. But when once the decision is taken by the board, they should stand by their decision and exclusively own it, as highly competent and capable economists are manning the board. Taking the position that as it was recommended by the Govt, they have approved it, cuts at the very root of Monetory Policy Autonomy, which they exclusively enjoy. For any Monetory Policy decision the RBI Board takes, they should be well aware that the responsibility for execution too has to be owned by them. That the process shall bring in untold miseries to 140 crore people should have been looked into at the Board Meeting specifically met for that. Now also they have the autonomy to withdraw all restrictions, if they so desire.