On November 8, 2016, the Central Government demonetized 86 percent of the total Indian currency in circulation, worth INR 15.4 trillion. This landmark decision was aimed at attacking corruption and tackling the black money menace, which has been a long standing challenge for the country. Demonetization, in fact, was just another step in a series of initiatives taken since 1946. The government has been enforcing corrective measures ranging from Voluntary Disclosure Schemes and policy reforms to setting up of institutional bodies for improving accountability and transparency, but with a limited…
Author: Charan Singh
Dr. Charan Singh is full time visiting faculty and former RBI Chair Professor (Dec 2012 to Dec 2016) at the Indian Institute of Management Bangalore, India where he teaches comparative monetary policy; and policy issues on Indian economy. Earlier, he was a Senior Economist at the Independent Evaluation Office of the International Monetary Fund, Washington DC from Aug 2009 to Nov 2012 and Research Director (Departments: Economic Policy; Debt Management) at the RBI from 1997–2009 where he had joined in 1984 as a Research officer in the Economic Policy Department.
Untangling India’s GST Based on their research, Charan Singh , Shreya Agarwal and Itee Ashok have created a list of suggestions that can increase the adoption and acceptance of GST in India
22 January, 2018: The fiscal policy of India took a monumental turn on July 1, 2017 as the government implemented Goods and Service Tax (GST). The discussion on this reform started nearly two decades ago, inspired by positive empirical evidence from nearly 160 countries around the world, including advanced, emerging and developing economies. India adopted a dual GST structure based on a pragmatic federal relationship that requires both the Centre and States to play a crucial role in determining GST rates. The GST Council has been able to successfully pass…