Who is Urjit Patel, which IMF made Executive Director, what is his connection with demonetisation?

Urjit patel news in hindi: Urjit Patel, former Governor of the Reserve Bank of India, has been appointed as the Executive Director of the International Monetary Fund (IMF). Patel’s appointment in IMF has been for a period of 3 years.

Dr. Urjit Patel, PhD from Yale University, joined the Reserve Bank of India on 7 January 2013 as Deputy Governor. He IDFC Ltd. I have also been a major policy officer. Dr. Patel has a long experience of 17 years in the field of finance, energy and infrastructure.
In Dr. Patel, the Ministry of Energy and the Department related to Economic Affairs have also served from 1998 to 2001. From 1995 to 97, Dr. Urjit has also served as a consultant in RBI.

Patel took over as the 24th Governor of the Reserve Bank of India (RBI) on 4 September 2016. It was during his tenure that demonetisation took place in the country in 2016. In 2018, he resigned from the post before his term was completed, citing personal reasons. Patel was the first governor of the central bank to quit the post before the completion of his term since 1990.

What is demonetisation: Prime Minister Narendra Modi, while addressing the nation at 8 pm on 8 November 2016, announced the closure of 500 and 1000 rupee notes. The process of replacing notes from banks lasted till 30 December 2016, after which the work of replacing the old notes was done only by the Reserve Bank.
The then RBI Governor Urjit Patel also supported the government’s announcement. After this, the government also brought new notes of 500 and 2000 rupees in the market. However, a few years later, the government also removed the 2000 note from circulation.

The purpose of demonetisation: Governments decide to demonetisation to curb black money, corruption, fake notes and terrorist activities. People engaged in illegal activities keep the notes with themselves. In such a situation, there is a direct injury to them due to demonetisation. Many times demonetisation is also done to discourage cash transactions. The Modi government at the Center also hoped that demonetisation would curb black money, fake notes and terrorism. However, due to demonetisation, the common man also faced a lot of difficulties. The central government also discouraged cash transactions with its decision.

Edited by: Nrapendra Gupta