FSLRC’s recommendations are a serious blow to the independence of the Reserve Bank of India
The three main symbols of a country are its flag, anthem and currency. There are no scientific laws or theories regarding the first two, but with regard to the third, there has been a steep learning curve from the prolific research on the subject. The Financial Sector Legislative Reforms Commission’s (FSLRC’s) recommendations on monetary policy remind one of Gresham’s law that bad money drives out good money. In this case, the FSLRC, which has the laudable objective of enhancing accountability and independence for the Reserve Bank of India (RBI), has in its recommendations made it extremely difficult for RBI to achieve those objectives.
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