rbi: Symbiotic connection between centre and RBI, says AG


Defending the government’s decision on demonetisation in 2016, attorney general R Venkataramani told the Supreme Court on Friday that there was a “symbiotic connection” between the Centre and the Reserve Bank of India in moving towards a stable monetary policy.

Responding to the charge that the proposal of demonetisation emanated from the government and not the central bank, the AG said it was not that the RBI was impeded by the government.

“It is very easy to say to look at rational standards. Look at the complexity (of the issue),” he said. The AG said the connection between the RBI and the government “needs a flexible construction”. He added: “We are dealing with outside enemies who are trying to derail the economy.” The AG also responded to the accusation that demonetisation failed to serve its purpose. “I don’t think any right meaning person would say just because despite having the best intentions you failed, your intention was faulty,” he said.


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