Know what Raghuram Rajan did to exchange his 'old' notes after demonetisation

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Replying a hypothetical question, the former RBI governor said, "If I am Finance Minister then I will do three things: Will develop infrastructure, will fix power problem and push exports". "My term came to an end and I left", Rajan said when asked whether he left the RBI voluntary.

In 2015, a lecture Rajan had delivered as RBI Governor created controversy because of his reference to the growing intolerance in the country. He said that the Central government had once asked him about the cost and benefit of such move.

Rajan, who is now in India to promote his latest book, I Do What I Do, in an event in the national capital on Thursday added that he was not in favour of demonetisation as according to him the short-term cost of note ban would outweigh the long-term gains.

"We need truly independent professional board for public sector banks... which is independent of government, and professional, which have the ability to appoint CEOs", Rajan said while launching his book "I do what I do" in Mumbai.

Refusing to comment on Dr Swamy's remarks, Dr Rajan said his comment was taken out of context.

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He also said that no date was fixed for demonetisation and still the entire data on demonetisation is not available.

Amid nationwide outrage over the murder of an outspoken journalist, former RBI Governor Raghuram Rajan today said India can not afford to become an intolerant society as tolerance is "extremely important" for its economic growth.

He said there was no reason why the economy can not grow at 9-10%. He referred to financial services company JP Morgan's report on demonetisation where it claimed that the cost of note ban could be 1-2 per cent of the GDP.

"Many of us have certainly fairly comfortable lives there...coming back to India and doing what I did, gave a tremendous sense of fulfilment".

"I would like to go back to Deng Xiaoping, who said it does not matter whether the cat is black or white so long as it catches mice", said Dr Rajan. "Ya, if called upon.and if there is a place where you can make a big difference, of course", he said.

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