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With the aid of simple theoretical he following exercise is an attempt arguments, therefore, do not cross the
tools used in classroom lectures, to work out the possible conse- boundaries of simple diagrams and steer
quences of the recent demoneti- clear of a full-fledged model-building
the implications of the recent
sation drive in India. On 8 November attempt with the help of mathematical
demonetisation exercise in 2016, the Government of India stripped and econometric techniques. Needless to
India are analysed. It lends `500 and `1,000 denomination currency say, simple-minded algebra can also be
support to conclusions reached notes of their legal tender status. The utilised to express the ideas developed
primary goals were to rid the economy of here. But, we choose not to follow that
by other authors on the impact
fake currency and hit out at tax evaders route, in the hope of attracting as large
of demonetisation with the aid of who had amassed their illegitimately an audience as possible.
available data. Following Robert acquired wealth in the form of high value The next section discusses how the
Lucass Nobel lecture, the merits currency notes. Even if the governments monetary framework of the economy is
intentions are laudable, the sudden dis- affected by the decision to demonetise.
of economic policies that assume
appearance of a substantial part of The section Goods Market Equilibrium
the form of random shocks to an currency notes (around 86%) from the goes on to discuss the impact of demoneti-
economic system are questioned. economy1 has caught the population by sation on non-monetary variables, such
surprise and unleashed an unprecedented as demand for and supply of goods and
monetary turmoil. services in an economy that does not
Rajakumar and Shetty (2016) have engage in international trade. Next, the
already presented an analysis of the ISLM Equilibrium presents the inter-
demonetisation exercise. In particular, actions between the monetary and non-
they have provided a history of demone- monetary variables for the closed economy.
tisation in India, comparing the current Open Economy Considerations moves
demonetisation with the one carried out on to open economy implications by
in 1978. The earlier one, given the high allowing for international transactions
denominations of the currency demone- involving both the current and capital
tised relative to those normally used for accounts. This is followed by Impact on
transactions, did not have any major Prices and Inflation, which discusses
impact on public life. Besides, the purpose the possible behaviour of the general price
of the earlier demonetisation exercise level, which is artificially held fixed in
was different from the present one. the previous sections. The last section is
Quite apart from the historical perspec- titled Concluding Remarks.
tive, these authors come up with numbers
This article is an outgrowth of a macroeconomics
linking currency and gross domestic prod- Money Market Equilibrium
course the author taught while visiting Ashoka
University during the monsoon semester, 2016. uct (GDP) growth. After carrying out a We shall assume to start with that the
He is indebted to the students who attended detailed analysis of the possible effect aggregate price level (or, the GDP deflator)
his classes and raised questions that helped on the economy, the authors conclude P is fixed.2 By definition, the nominal
clarify his thoughts. The article owes a great
that the present demonetisation was un- money supply, M, equals currency plus
deal to comments and suggestions received
from Pulapre Balakrishnan, whose help the called for given the goals of the policy. bank deposits, denoted CU + D.3 Sup-
author gratefully acknowledges. He also Ashok Nag (2016) too views the his- pose c is the fraction of money held as
wishes to thank Ashoka University for the torical perspective of demonetisation currency and (1-c) the fraction held as
excellent infrastructural facilities it provided and questions the legality of the latest deposits.
during his visit.
exercise. Quite apart from the rich data Then,
Dipankar Dasgupta (d.dasgupta@gmail.com) is he presents in support of his arguments, M = CU + D = cM + (1 c)M
a visiting professor of Economics at Ashoka he constructs examples to illustrate the Once again, by definition, total high-
University, Sonepat, Haryana.
kind of difficulties that the public and powered money (issued by the Reserve
Economic & Political Weekly EPW decEMBER 17, 2016 vol lI no 51 67
NOTES
Bank of India or RBI) is H, and equals possession (to be referred to simply as CU. As already noted, they transform
currency plus reserves, or CU + R. The notes hereafter) to approved authorities, into a rise in the commercial banks re-
institutionally specified minimum reserve in particular to the commercial banks. serves to RC + RC, where RC = CU.
deposit ratio (commonly referred to as Apart from the time limit, there is an In the RBI, the liability entries change.
the cash reserve ratio) is . To begin with, upper limit on the amount too that can Commercial banks reserves RC rise to
we shall assume that the banks are fully be deposited by an individual account RC + RC, whereas C changes to C CU.
loaned up, so that R/D = , or, R = D. holder. Crossing that limit, say N, will A certain sum V (for vanished) was ex-
As we shall see below, however, in the lead to scrutiny of the income source of pected not to come back to the banks,
immediate short run at least, the banks the deposit, to determine if taxes had representing the governments estimate
may end up with excess reserves follow- been paid on the earnings. The income of black money in circulation. Till date,
ing the demonetisation move. tax officials in charge are empowered however, V has fallen far short of the
Prior to demonetisation then, to impose steep penalties on suspected governments expectations.8 The value
H = CU + R = cM + (1 c)M assesses. This possibility is expected to of V will only be known later.
and prevent tax evaders in possession of Assuming V > 0, however, the RBIs
H (CU+R) , notes in excess of N from depositing the liabilities add up to
M= = money into their own accounts.4
c+(1c) c+(1c) Rc + Rc + CU CU V + Rg = Rc + CU
The implications of this move can be + Rg V
H
where c+(1c) represents the so-called understood by bringing in the aggregate < BR + O ...(2)
money multiplier. balance sheet of the commercial banks
We shall assume that c, the propensity as well (Table 2). The last inequality in (2) follows from
to transact in cash, is not significantly Table 2: Commercial Bank Balance Sheet (1). If V > 0, the RBIs total liabilities
affected by demonetisation. An important Aggregate Assets of Aggregate Liabilities of should fall below its assets. However,
reason underlying this assumption is All Commercial Banks All Commercial Banks the RBI governor explained that V will
Reserves (Rc) Deposits (D)
that the banking system is yet to pene- continue to remain the RBIs liability,
Government Bonds (Bc)
trate vast rural areas. Besides, for what- Loans to the private sector (L) whether or not the notes underlying it
ever social and historical reasons, cash have lost legal tender status. The RBI is
transaction is preferred by the majority Like the RBI, the commercial banks committed to accept them back against
in the country. assets must equal their liabilities. Hence, legal tender currency, should they be
Let us now study two balance sheets, Rc + Bc + L = D. brought back. In view of this, the ac-
the RBI balance sheet and the aggregate As the public deposited notes, D rose counting value of the RBIs monetary lia-
balance sheet of the commercial banks. simultaneously with Rc in the aggregate bility (H) remains unchanged. Effective-
They will have roles to play in the commercial banks account presented ly though, the monetary base will fall
analysis. We present simplified versions above. However, D fell too on account of unless the entire V turns wholly visible
of these balance sheets in turn. To start cash withdrawals, but withdrawals were (instead of vanishing). In what follows,
with, consider the RBI balance sheet not permitted beyond an upper limit we shall assume that V 0, but it could
(Table 1). W (where W < N ). Given that W < N, be small.9 Thus, despite the fact that the
Table 1: RBI Balance Sheet
the reserves Rc rose more than D in the stock H of high powered money remains
Assets of RBI Liabilities of RBI aggregate commercial banks account.5 unchanged in an accounting sense, in
Government bonds Commercial banks As a result, the effective reservedeposit reality, it is likely to be somewhat smaller.
held by RBI (BR) reserve deposits (Rc) ratio rose for a while above , say to > . Even if the money multiplier remains
Other assets (such as gold, Governments reserve The last inequality brought down the unchanged therefore, there will be a
foreign exchange) (O) account (Rg)
money multiplier to6 fall in the money supply (unless, fortui-
Currency (CU)
1 1 tously, V = 0). What will the money
<
Prior to the demonetisation an- c+'(1c) c+(1c) market equilibrium look like? Suppose,
nouncement, the value of assets exactly Subsequently, however, the govern- the money demand curve is
matched the value of liabilities in each ment absorbed the excess liquidity from M M
= (Y, i) ,
account. The condition needs to be satis- the banking system by raising the ceil- P P
fied post the demonetisation as well. ing on its bond holdings under the mar- where denotes real money, Y is the
Thus, before demonetisation, ket stabilisation scheme and this, hope- aggregate real output and i is the nomi-
BR + O = RC + CU + Rg, ...(1) fully, prevented the apprehended fall in nal rate of interest on government
the value of the money multiplier.7 bonds. With a smaller money supply, the
where RC + R g = R = total reserves. What was the impact of demonetisation change in the equilibrium value of i is
The government specified a time limit, on H? Prior to demonetisation, the RBIs captured in Figure 1 (p 69) as a rise from
say T (or, 30 December 2016 to be precise), account was balanced. Denote now the i1 to i2.
by which the public was required to value of the notes (net of withdrawals) The standard macroeconomic argu-
deposit `500 and `1,000 notes in its deposited by the public to the banks by ment underlying the interest rate rise is
68 decEMBER 17, 2016 vol lI no 51 EPW Economic & Political Weekly
NOTES
as follows. At the old equilibrium rate of must replace i, though it is not clear how ISLM Equilibrium
interest, there is excess demand for elastic I is to changes in ib. The output Let us now consider the ISLM equilibri-
money, given the fall in money supply. level Y might also affect I, but we are ig- um prior to and following demonetisa-
This leads the financial institutions, noring this possibility without loss of tion. After demonetisation, both IS and
including commercial banks, to sell gov- generality. We assume that ib = i + , > LM shift to the left (or upwards), thus
ernment bonds, lowering bond prices pB 0, to capture a risk premium associated lowering Y certainly. In view of the argu-
and raising i. with lending to parties other than the ments in Money Market Equilibrium,
Figure 1: Changes in Money Market government. the LM curve may not have shifted sig-
i The second variable that should enter nificantly. The impact on i or i + is am-
(M/P) < M/P
M
the consumption function is an index biguous. Figure 3 assumes though that
(Y,i)
P representing ease of carrying out trans- the rate has gone down from i1 to i2.11, 12
actions. In our case, de-recognition of Figure 3: ISLM Equilibrium
notes acts as a barrier to consumption i
IS1
LM 2
and perhaps to investment also. The ar-
i2
rival of `2,000 notes and the delay in is- IS2 LM1
i etc, are affected. We shall denote this A fall in the money supply alone, is
LM 2
variable by e. normally expected to cause a rise in the
The third variable is consumer confi- sovereign rate of interest. However, the
LM1 dence. The governments announcements rate has fallen and the fall has obviously
that worse penalties are in store can been caused by a sharp decline in activity
dampen expenditure. This variable might in the real sector (see note 11). The IS
impact investment also, but we will ignore curve has presumably shifted sharply to
that effect. Denote the confidence vari- the left on account of the changes in e, ,
able by . Manmohan Singh has written and the fall in W (causing a fall in aggre-
Y
a most thought-provoking article on gate output from Y1 to Y2. This lends
To repeat, the extent of the shift may this issue.10 solid theoretical support to Manmohan
not be too large, given that the final The fourth variable that may be intro- Singhs view quoted (see note 10). It is
value of V could turn out to be inconse- duced into the consumption function is a the fall in Y that had brought about the
quential. This concludes our discussion Patinkin (1965) type real balance effect, fall in the rate of interest. That is, the de-
of the impact of demonetisation on the representing the positive impact of wealth mand curve for money shown in Figure 1
money market. on expenditure. Let us denote the total had probably moved to the left and more
wealth relevant for the consumption than reversed the initial rise in the rate
Goods Market Equilibrium function by W, of which V constitutes a of interest linked to a fall in the money
The goods market equilibrium is normally part. Introducing these changes, the supply. Notice that the Government of
captured by the equation goods markets equilibrium equation is India was pushing the RBI for a while to
written as reduce interest rates in the hope that
Y = C(Y) + I(i) + G
such a move could increase demand and
Y = C (Y, i + , e, , W) + I (i + , e) + G...(3)
We propose to change the consump- output. The demonetisation exercise has
tion function in four ways. First, we Reductions in e, and W reduce C and achieved the goal of a reduction in the
make it inversely related to ib, where ib I as of any given value of i. The fall in W interest rate, but for the wrong reason. It
is the rate of interest on bank loans. comes about through a reduction in W to is the fall in output that has lowered the
A fall in ib is expected to increase the WV. Given G, e, and W, equation (3) interest rate. Further, the fall in the out-
demand for durable consumer goods, captures the standard IS curve of macro- put level could be associated with a fall in
cars being the standard example. Hous- economic theory, relating the interest the GDP growth rate for the third quarter
ing loans may not play an important rate i to the aggregate output Y. The neg- (OctoberDecember) and perhaps even
role, since the government has been ative impacts of the fall in e, and W the fourth of the present financial year.13
making repeated announcements that shift the IS curve leftwards. The larger How will the scenario change beyond
real estate transactions are being moni- these effects, the larger the potential fall T? Beyond T, given the RBI announce-
tored. In the investment function too, ib in expenditure and output. ment that its balance sheet will not
Economic & Political Weekly EPW decEMBER 17, 2016 vol lI no 51 69
NOTES
be altered as of now in favour of the negative impacts of the currency move- kept the repo rate unchanged. The signal
government, there will be no V backed rise ment on output ought to have cancelled that monetary policy was not going to
in G as things stand now. The IS curve is each other out, leaving our conclusion in ease immediately (the real money supply
therefore not expected to shift up either, the previous section unchanged. M/P might even decrease if P rises, given
unless spending sentiments change. Given Figure 4: Dollar per Rupee Exchange Rate M) led to a jump in the sovereign rate
the nature of expenditure dampening too, which indicates that the exchange
daily announcements by the government rate will probably not depreciate in the
though, private sector demand is unlike- very near future. However, the rise in the
ly to receive a boost. Therefore, output interest rate is likely to reduce output
will almost surely be slow to improve. 0.0149 even more than what was indicated in
Theory suggests then that the rate of Figure 3, on account of an upward move-
growth of GDP for the present financial ment along a sticky IS curve (accompa-
0.0148
year is unlikely to reach the value pro- nied by a possible fall in M/P). Whether
jected in the Union Budget for 201617. the inflation rate will be affected as well
0.0147 is not immediately clear, but if there is a
Open Economy Considerations demonetisation-generated crop failure
We have proceeded so far under closed during 201617 and crude prices continue
economy assumptions. However, India is 0.0146 to rise, then stagflation possibilities
not a closed economy and it is worth our cannot be ruled out. Further, the govern-
while to extend the analysis carried out ments present effort to create a cashless
0.0145
so far to an open economy model. If the 9 Nov 2016 9 Dec 2016 society at short notice will not ease
economy is open, then the goods market matters. The Indian society will take a
equilibrium condition changes to Impact on Prices and Inflation long time yet to adjust to cashless trans-
One hoped that the fall in output was actions. The absence of widespread bank-
Y = C (.) + I(.) + G + X(Y*,) IM (Y, )/ ,
not associated with a squeeze in agricul- ing facilities, inadequate electrification
where Y* is the level of foreign incomes tural output. However, news reports on and illiteracy stand in the way.
and is the real rate of exchange.14 When the rural economy are depressing. Here is
the domestic interest rate on government what LiveMint reports on 23 November: Concluding Remarks
bonds falls (as of a given rate of return The impact is visible in different sub-seg- Will the demonetisation exercise pro-
on, say, US bonds (say) and the expected ments. Winter crops such as wheat, mustard, duce any permanent benefit? From the
future nominal exchange rate Ee), the chickpeas are due for sowing in a fortnight. analysis carried, the short- to medium-
Wheat prices were already up due to low
domestic nominal as well as real rates of run scenario does not appear to be too
stocks and anticipated shortfall in 201516
exchange are likely to fall on account of output and have firmed up further as demon- rosy. None of the economic variables of
capital flight. However, the positive side etisation fallout pushes traders to build more importance are likely to move in a
of the story is that the fall in can inventories. Production in 201617 could drop healthy direction. Further, if corruption
improve the balance of trade and this in if sowed acreage (rabi) reduces for want itself cannot be addressed, we may very
of enough seeds on time to exploit the ad-
turn will have a positive impact on out- equate soil moisture. Yields could fall from well end up with a scenario where new
put, which could partly offset the fall in late sowing and subsequent exposure to black money will drive out old black
output described earlier. rough spring weather, the lack of sufficient money from the system.16
How has the exchange rate behaved or timely application of fertilizers, pesticides, We may draw the readers attention to
etc. Farm labour, vital for this period, is
since 8 November? Till date (that is, a piece of advice from the rational expec-
reported to be unpaid as farmers have no
10 December), its behaviour is captured cash. Many of them are reported to be re- tations school of thought in macro-
by Figure 4.15 There was a sharp drop turning from some northern parts to homes economics. Even if the profession in gen-
in the nominal rate from 9 November to in UP and Bihar. Labour shortages and wage- eral does not subscribe to the theoretical
spikes may follow with a lag.
21 November or so, indicating the imme- foundations of that school any longer,
diate impact of the fall in the rate of return If the news is to be believed, then food one of its policy conclusions probably
on sovereign bonds. Beyond 21 November, prices can go up leading to a general rise cannot be ignored, especially in the con-
the nominal rate began to rise and the in prices. Prices can rise on account of text of the Indian governments claim
turnaround is being explained by most the exchange rate depreciation com- that in order to ensure the success of its
financial dailies (for instance, Goyal 2016) pared to the pre-demonetisation level demonetisation drive, it had decided to
in terms of RBI intervention in foreign (Figure 4) as well, since this will in- catch the public unawares. In other words,
exchange markets to prevent the rupee crease the value of imports, especially in the government believes that its action
from sliding further. The appreciation the face of crude prices firming up in the has been successful because it took the
of the rupee should have reversed the world markets. The latest bi-monthly form of a random shock to the system. It
positive impact of depreciation on out- review of the RBI did take these infla- is in this context that we should take
put and to this extent the positive and tionary possibilities into account and note of a well-known observation made
70 decEMBER 17, 2016 vol lI no 51 EPW Economic & Political Weekly
NOTES
by Robert Lucas (1997) in his Nobel 10 To quote Manmohan Singh (2016), Consumer 15 As with note 11, one will be able to follow
confidence is an important economic variable future movements of the exchange rate in the
lecture: Unanticipated monetary in a nations growth prospects. It is now evi- following link. Data source: http://www.x-rates.
contractions can induce depression. dent that this sudden overnight ban on curren- com/graph/?from=INR&to=USD&amount=1.
cy has dented the confidence of hundreds and 16 And it is best to point out that the tools of anal-
Indias random demonetisation exer- millions of Indian consumers, which can have ysis employed by this note are not relevant for
cise therefore may well turn out to be a serious economic ramifications. The scars of an studying the long-run. Quite apart from the
test case for Lucas prediction. overnight depletion of the honest wealth of a fact that long-term expectations will play a
vast majority of Indians combined with their role, one needs to study long-term develop-
ordeal of rationed access to new currency will ments with the aid of properly specified growth
Notes be too deep to heal quickly. This can have rip- models. Consequently, these short- and medi-
ple effects on GDP growth and job creation. It is um-run methods have no implications on the
1 The economy in question is one, where on ac- my humble opinion that we as a nation should claim that short-run pains will be compensated
count of established habits, illiteracy, absence brace ourselves for a tough period over the by long-run gains.
of banking facilities in vastly spread non-met- coming months, needlessly so.
ropolitan areas, and a host of other reasons, 11 This assumption is motivated by the data source
cashless transactions constitute the norm rath- in the following link: http://in.investing.com/ REFERENCES
er than the exception. rates-bonds/india-10-year-bond-yield-streaming- Business Standard (2016): RBI Introduces Incre-
2 The assumption will be relaxed later on. chart. This shows that the rate of return on 10-year mental CRR to Manage Excess Liquidity,
3 M, in the present context represents M1. bonds had fallen during the period 8 November 26 November.
4 Though, the possibility of money laundering through 6 December from around 6.80% to Goyal, Kartik (2016): RBI Intervention Brakes
exists. A person can deposit her/his excess cash around 6.20%. Following the bi-monthly review Rupee Near Record Low Amid $2.7 Billion
into the accounts of willing people, including of 8 December of course, when RBI announced in Outflows, Economic Times, 23 November,
poorer sections of the population. According to its intention of sticking to a tight monetary http://economictimes.indiatimes.com/markets/
media reports, the near zero-balance Jan Dhan policy, the rate shot up to 6.44% on 9 December. forex/rbi-intervention-brakes-rupee-near-re-
accounts are already being used for the purpose. 12 A likely consequence of the fall in the sovereign cord-low-amid-2-7-billion-in-outflows/article-
The person who obliges is likely to be offered a rate may be a fall in the interest rates on savings show/55577605.cms.
price for the service, thereby creating new as well as term deposits of commercial banks. Lucas, Robert (1997): Monetary Neutrality, Nobel
black money. Of course, the government has 13 By definition, the quarterly growth rate com- Lectures, Economics, 199195, Torsten Persson
announced that it is keeping a close watch over pares the present quarter to the same quarter (ed), Singapore: World Scientific Publishing
the Jan Dhan accounts to prevent their misuse. in the previous year. Company.
5 A caveat is in order here. While there is a limit 14 The real rate of exchange is defined here as the Nag, Ashok K (2016): Lost Due to Demonetisation,
on cash withdrawals, there is no limit on cheque price of Indian goods in units of US goods. This Economic & Political Weekly, Vol 51, No 48,
transactions. A cheque transaction amounts to is a simplification, since, strictly speaking, India pp 1821.
a redistribution of the aggregate reserves has other trading partners as well. However, Patinkin, Don (1965): Money, Interest and Prices,
among banks, leaving RC unchanged. But, cash a good part of our trade is quoted in terms of New York: Harper and Row.
withdrawals from deposits do change RC. the US dollar. Hence, we are ignoring other Rajakumar, J Dennis and S L Shetty (2016): Demon-
6 According to the Business Standard (2016), In currencies. The nominal exchange rate E equals etisation: 1978, the Present and the After-
order to absorb the surge in liquidity in (the) the dollar price of a rupee. Thus, depreciation/ math, Economic & Political Weekly, Vol 51,
banking system following demonetisation of appreciation of the rupee amounts to a fall/rise No 48, pp 1317.
high value notes, the RBI introduced an incre-
in E. Moreover, = ) (, where P* is the given Singh, Manmohan (2016): Making of a Mammoth
mental cash reserve ratio of 100 percent for the US price level.
Tragedy, Hindu, 9 December.
fortnight beginning Saturday.
7 Times of India (3 December 2016) stated, The
government on Friday increased the ceiling of
special bonds under the Market Stabilisation Journal Rank of EPW
Scheme (MSS) that can be issued to mop up ex-
cess liquidity in the system to `6,00,000 crore, Economic and Political Weekly is indexed on Scopus, the largest abstract and citation
from the earlier `30,000 crore, in a move that database of peer-reviewed literature, which is prepared by Elsevier N V (bit.ly/2dxMFOh).
will help absorb excess liquidity in the system
while also helping banks to park their surplus Scopus has indexed research papers that have been published in EPW from 2008 onwards.
funds and earn interest.
8 The total estimated value of notes (in the sense The Scopus database journal ranks country-wise and journal-wise. It provides three broad sets
the term notes has been defined above) in of rankings: (i) Number of Citations, (ii) H-Index, and (iii) Scimago Journal and Country Rank.
circulation was `14.5 lakh crore, of which `8.5
lakh crore was estimated to be black. That is, Presented below are EPWs ranks in 2015 in India, Asia and globally, according to the total cites
the government expected the value of V to b (3 years) indicator.
`8.5 lakh crore. In the bi-monthly review held
on 8 December 2016, the RBI announced that Highest among 37 Indian social science journals and second highest among 187 social
` 11.55 crore of notes have been returned to the
system. This means that the actual value of V
science journals ranked in Asia.
has fallen significantly short of the expected Highest among 38 journals in the category, Economics, Econometrics, and Finance in the
value. The government may have estimated
the quantum of black money incorrectly. More Asia region, and 37th among 881 journals globally.
likely, the method adopted to weed out black
money lacked efficiency. A good deal of black
Highest among 23 journals in the category, Sociology and Political Science in the Asia
money appears to have been laundered through region, and 17th among 951 journals globally.
corrupt use of bank accounts.
9 There was speculation that V will be credited
Between 2009 and 2015, EPWs citations in three categories (Economics, Econometrics,
to the governments account in the RBI in the and Finance; Political Science and International Relations; and Sociology and Political
form of dividend receipts. According to the Science) were always in the second quartile of all citations recorded globally in the Scopus
budget 201617, the governments dividend
receipts from RBI and nationalised banks for database.
the 201516 was `69,897 crore. The RBIs divi-
dend payment to the government for 201617
For a summary of statistics on EPW on Scopus, including of the other journal rank indicators
will soon be known, but from the announce- please see (bit.ly/2dDDZmG).
ments made so far, the dividend will not be
linked to V. In any case, the governor of RBI EPW consults referees from a database of 200+ academicians in different fields of the social
has explained that there is no asset liability sciences on papers that are published in the Special Article and Notes sections.
mismatch for RBI on account of V, whether V
turns visible or not.