Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Paper currency has been part of our lives for well over a century. Despite handling it frequently, we know so little about it. This book demystifies paper currency in a short and simple narrative. This is a story of how currency notes come into existence, lead eventful lives and ultimately leave this world, just as we humans do. It also tells how the notes have been changing over time. While doing so, it unravels many interesting facets of paper currency. For instance, do you know that the first Governor of the Reserve Bank of India did not sign any banknotes? Or that if a note is torn or a portion thereof is missing, you can still get full value for it from your bank? Or that the One Thousand Rupee note has been demonetised three times? Or that the numerical value in words of an Indian currency note is mentioned on it in 17 languages? And many, many more! Today, when currency is getting a new avatar in the form of digital currency, it is time to look back and enjoy the fascinating life and times of paper currency in India. For those embarking on this journey, here’s wishing them Bon Voyage!

The fifth volume on the history of the Reserve Bank of India covers the years from 1997–98 to 2007–08. During this period, it introduced key institutional and financial market reforms in a rapidly changing economic environment and facilitated faster integration of the Indian economy. The Bank rationalised and introduced innovative instruments of monetary control; strengthened regulatory and supervisory processes for both banking and non-banking sectors; adjusted its approach to achieve and sustain financial stability; focussed on building financial market institutions and infrastructure; and spurred legal and other amendments in the larger public interest as also for achieving flexibility with stability in the economy. It also worked to improve the rural credit system, financial inclusion and customer protection. This volume is a narrative history of the Bank and also a rich resource for understanding how an emerging market central bank manages change and shapes the economy to face future challenges.

Annual Report on Exchange Arrangements and Exchange Restrictions 2020

A regular feature in almost publication has been a comparison of India’s slow economic growth and, until recently, China’s rapid progress. Yet, in 1988, both countries had similar living standards. As things stand, it is undoubtedly a tale of two countries and two systems. Supporters of India can point to the democratic nature of the country’s development while ignoring the slow pace of change. China’s supporters point to exceptional poverty reduction, urbanization, and infrastructure developments while ignoring the social, religious, and environmental costs these efforts have created. However, popular media has ignored the fact the individual starting points of the two nations, a gap which this book fills. This study examines how China’s economic reforms was initiated with Deng Xiaoping’s fang-shou (‘letting go’ and ‘tightening up’) efforts between 1978 and 1989. However, until 1989 China had nothing much to demonstrate compare with India. Both countries had similar per head national income but India was technologically much superior to China. The reforms in China then accelerated in a sustained manner—be it the Family Responsibility System that transformed agriculture, the opening up of the industrial sector for the growth of local enterprises and foreign investments, or the substantial effort to make state-owned enterprises more efficient.