Earlier this month, Garg in a blog had claimed that a large chunk of Rs 2,000 currency notes have been hoarded by people and are not in circulation.
'Ban Rs 2000 notes', says former finance secy Garg; warns against 'quick fixes' to reverse low growth
'A good chunk of Rs. 2000 bank-notes which accounts for approximately a third of India’s currency notes by value, are actually not in circulation, having been hoarded,' said Garg.
Subhash Chandra Garg had applied for voluntary retirement in July after he was shifted from the Department of Economic Affairs to the Power Ministry.
Power secretary Subhash Chandra Garg on Tuesday called for opening up India’s coal mining segment to global commercial mining players.
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.