Indian banking, central banking, and the economy
In an earlier post on CD Deshmukh, I drew on his life and career in the context of his abiding interest in botany and of horticulture (see here). Here, I describe in greater detail, his professional career, almost devoid of personal references. A much shorter version, about one fifth in length, appeared in an online encyclopaedia of Indian economists (see here). Continue reading “The many careers of CD Deshmukh”
A potpourri of personal thoughts and anecdotes on exchange control, the dollar, the rupee and SDR
During the over three decades in central banking, I never worked in foreign exchange or related functions. Without going into detail, this was part choice and part chance. Nevertheless, my batch’s 64-week induction training involved working for two months at all desks, including clerical ones, of the Exchange Control Department (ECD), as the department was then known. When ‘management’ replaced ‘regulation’ in the erstwhile Foreign Exchange Regulation Act, ECD eschewed ‘control’ and became the Foreign Exchange Department. Similarly, the Controller in charge of the Department’s Central Office in Mumbai became a Chief General Manager like any other. Continue reading “Rupee and SDR”