RBI to introduce Rs 99 Sachin Tendulkar notes in bid to arrest rupee slide against $
RBI to introduce Rs 99 Sachin Tendulkar notes
The RBI will be introducing special Sachin Tendulkar notes in Rs 99 denominations in a bid to arrest the rupee’s alarming depreciation against the dollar. Already over 80,000 bundles have been printed in the Noida mint and introduced into the general economy by way of purchase of Government bonds.
This ‘out of the box’ monetary intervention, purported to be the brain child of RBI Governor, D Subba Rao, has been hailed by both left and right leaning economists as an effective policy instrument to reverse the rupee’s slide. “Man, the RBI Governor has cracked the problem. Subba Rao is a genius who truly understands the dynamics of foreign exchange markets. RBI is lucky to have a person of his intellectual caliber at the helm,” raved Prof Raghuram Rajan, a leading monetary economist from the University of Chicago.
Planning Commission Deputy Chairman Montek Singh Ahluwalia said that the rupee’s fundamentals have now become stronger and there is no need to panic. He also felt that with people now using these Sachin Tendulkar Rs 99 notes in lieu of the Rs 100 Gandhi notes, inflation should come down to 8% by February. The RBI’s intervention and subsequent pronouncements by Monty have had a calming effect on foreign exchange markets with the dollar trading at less than Rs 50. Even Saudi Arabia has said it does not mind being paid in Sachin Tendulkar notes rather than dollars for crude, which has considerably eased pressure on India’s burgeoning current account deficit.
However, the RBI has promised to replace these notes with Sachin Tendulkar Rs 100 notes the moment the legend scores his 100th international century, hopefully in Australia. Economists reckon that this should further strengthen the rupee.
(Reproduced with permission from http://www.theunrealtimes.com/. The UnReal Times is one of the top websites for satire, spoof, parody and humour in India. The above spoof is based on contribution by The Bakchod with inputs from the Unreal team)