Former Reserve Bank of India (RBI) governor Raghuram Rajan has finally broken his silence as he completes one year of his exit.

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Rajan, who has written a book on his stint as the governor of the RBI, revealed that the RBI was not consulted on demonetisation. 

Rajan in his latest book "I do what I do", which is a collection of his speeches during his tenure as RBI governor said, "At no point during my term was the RBI asked to make a decision on demonetisation", as quoted by Hindustan Times.

According to the report, Rajan said, "I was asked by the government in February 2016 for my view on demonetisation, which I gave orally. Although there might be long-term benefits, I felt the likely short-term economic costs would outweigh them. I made these views known in no uncertain terms."

Further, Rajan said that though he had disapproved the demonetisation idea, the government had asked RBI to prepare a note and hand it to the government. 

Rajan's comment came in at the time when recently the Ministry of Statistics & Programme Implementation data showed that country's GDP has slowed down to 5.7% in Q1FY18. 

Also, on August 31, the RBI said that nearly 99% of all the demonetised Rs 1000 notes have come back into the banking system. 

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