Former Governor of Reserve Bank of India, Raghuram Rajan was no exception for the demonetisation and he himself had to come back to India to exchange scrapped currency since he had no clue about the demonetisation date. Ironically the process commenced when he was the Governor.
Rajan who was not given an extension of the RBI Governor post went back to the US once his term ended on 4th September 2016 and was teaching finance at University of Chicago. He was vocal about the process since he gave his verdict verbally and did not approve it in writing as he was convinced that the short-term cost of note ban would outweigh the long-term gains.
“There was absolutely no date fixed for demonetisation,” Rajan said. He said he had taken along Indian currency to the US and had to come back to India to “actually change that back” into valid currency notes.
When he was asked if he would be willing to return to India for another position or was happy teaching in the US, Rajan answered that he is not special and felt that there are many who are available who can deliver, if summoned.
“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 think it’s very selfish thing to come back. Ya, if called upon and if there is a place where you can make a big difference, of course,” he said.