Rajiv Kumar, Secretary in the Department of Financial Services, will take place of Subhash Chandra Garg.
Subhash Chandra Garg, who was Finance Secretary, was shifted to the Power Ministry on July 24 as part of a major bureaucratic reshuffle by the government.
Finance secretary Subhash Chandra Garg’s transfer to the Power Ministry may see the panel consult RBI again.
The Prime Minister's Office (PMO) has asked the finance ministry to reconsider the plan and instead look at issuing rupee-denominated bonds instead of foreign currency bonds.
An interaction of Garg with media is scheduled later on Friday. Garg was in charge of the Department of Economic Affairs (DEA), and was designated the Finance Secretary.
A 1983 IAS officer of the Rajasthan cadre, he was appointed World Bank Executive Director in 2014.
The panel headed by Economic Affairs Secretary S C Garg, recommended banning of private cryptocurrencies and criminalising any activities related to virtual currencies.
In the Budget, the government taxed the buyback route to check dividend distribution tax evaders.
Nirmala Sitharaman in her 2019-20 Budget speech proposed to provide that listed companies shall also be liable to pay additional tax at 20 per cent in case of share buyback.
On the Rs 5 lakh crore target for 2024-25, Garg said it will include 12 per cent nominal growth for a five-trillion-dollar economy by 2024-25.
The gems and jewellery industry has expressed disappointment with the Union Budget 2019-20, saying that the increase in customs duty will encourage grey market.
Garg expressed hope that growth will pick up from the second quarter of the current fiscal.
Garg said that the report on cryptocurrency regulation is ready and will be submitted to the finance minister soon.
The government has already rolled overpayments of the fertiliser and petroleum subsidies to the next fiscal year.
As per the Union Budget, the gross borrowing was pegged at Rs 7.1 lakh crore for 2019-20, higher than Rs 5.71 lakh crore estimated for the ongoing fiscal.