Latest posts by Sahil Mishra (see all)
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In Conversation with M R Venkatesh on Fallout from PNB Scam
MRV talks about why the boards of RBI and PNB should be sacked
What MRV Sir is suggesting about RBI procedure to tabulate foreign currency reserves is very ‘un nerving’ to say the least. It seems that while RBI with all its cutting edge digital infrastructure/ paraphernalia at its command can only tabulate the ‘inflow’ of foreign currency into india but has no clue about the ‘outflow’ of the same on ‘real time’ basis. So when RBI releases the monthly Forex Reserves figures it is in all probabilities missing out on the outflows and gives misleading (higher) figure to the country. Only accidently (Nirav Modi) or after considerable time lag the out flows are discovered or reconciled as auditors also do not get the outflow figures on monthly basis .