GST- Shaktikanta Das Had Identical Defence For Demonetisation.


A day after Urjit Patel resigned from the Central Bank, citing "personal reasons," former Economic Affairs Secretary Shaktikanta Das was named as the new Governor of the Reserve Bank of India (RBI).

The Economic Times reported that Das, who served as Economic Affairs Secretary between 2015 and 2017, cooperated closely with the central bank. The report added that he is currently a member of the Indian Finance Commission and representative of the government at the Group of 20.

After the end of Raghuram Rajan's tenure, he was also in the running to become the RBI governor in 2016.

During his tenure, Das was charged with defending the most controversial financial reforms of the Narendra Modi government — demonetization and GST. His explanation was identical in both cases: they will cause disturbances for 2-3 months but bear fruit in the long term.

Here's what Das said about the big questions.

Demonetisation
Known in February last year for its pro-demonetization stance, Das said that positive effects of demonetization would become apparent in April and that completed remonetization would further drive consumption, according to PTI.

According to The Telegraph, the ban was announced only after Das took the lead when North Block decided to put him on the market each time the rule was tweaked in front of the media.

According to PTI, he also brushed aside questions after Patel made no public declaration two weeks after demonetization.

When he asked RBI about the delay in counting notes that were returned after demonization, in February 2017 he told The Indian Express that the government realized that some areas were likely to have a double counting.

"In such stuff, the RBI must be absolutely correct. Thus, they objectively measure the notes. And the measurement of the notes has a certain power. You don't have the ability to quantify such notes, you have a business-as-usual approach; it's an immense quantity and it takes time," he said further.

GST

In July last year, the Hindu Businessline quoted das as saying that the goods and services tax (GST) advantages will become evident in several months as producers and businessmen understand the advantage of an input tax credit. One can verify GST number by visiting this website.

Electoral bonds

In another interview with The Indian Express Das said that a small electoral bond time window would help to prevent them from being converted into a counter currency.

He also explained the controversial decision of the Union government to introduce the Electoral Bond in an interview with The Hindu Businessline: "This is an effort to clean up political funds and to prevent anonymous cash donations, often with companies or big donors wanting to donate by check but worrying about the revealing of their identity.

Thank You.



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