Chairman Write-up April 2015

Respected Member’s,

The first step in the evolution of ethics is a sense of solidarity with other human beings.

The good news is on ground that the foreign exchange reserves continued their upward momentum and scaled a new life time high at $341.378 billion, rising by $1.386 billion for the month ended March 2015. Foreign currency assets, expressed in dollar terms, include the effect of appreciation and depreciation of non-US currencies such as the euro, pound and the yen, held in the reserves.

Also there have differences between the RBI and the government on a range of issues, including inflation and interest rates. While the finance ministry is keen that the RBI cut interest rates to spur growth and employment, the Central bank has been sticking to a tight monetary policy with its higher priority to control inflation. Underscoring the need to nurture strong institutions like the RBI, it was seen that , "Strong national institutions are hard to build. Therefore, existing ones should be nurtured from the outside and constantly rejuvenated from the inside for there are precious few of them." Beside other important issues have been raised during a function held on the eve of RBI’s mark 80 years, the Prime Minister emphasized that the Reserve Bank of India (RBI) should use Indian paper and ink to print currency notes and set a target date for achieving the objective as part of the 'Make In India' campaign..

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CIRC Newsletter April 2015
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