He also made it clear that the pre-2005 notes will continue to be legal tender.
Rajan has already warned he does not have a 'magic wand' to deal with India's economic crisis.
Raghuram Rajan is said to have informally written to select policymakers and experts, to curb 'unnecessary' speculation over his future at RBI.
Reserve Bank Governor Shaktikanta Das on Tuesday said the fiscal-monetary coordination was at its best during the last six years even as he thanked Prime Minister Narendra Modi for giving the opportunity to head the monetary authority of the country. Das, in a series of posts on X, on his last day of his six-year term as RBI Governor, also thanked the Finance Minister, various stakeholders and his colleagues at the central bank.
Inflation is a big concern for India, says RBI chief Raghuram Rajan.
Former Prime Minister Manmohan Singh's 1991 budget unshackled India's economy, significantly enhancing the economic prospects for hundreds of millions of Indians, first deputy managing director of the International Monetary Fund (IMF) Gita Gopinath said on Friday.
The RBI's bi-monthly policy review on June 3 will be the first after Prime Minister Narendra Modi assumed office on May 26.
Rajan also expressed hope that a stable government after the Lok Sabha elections will continue the broad fiscal policies of the current regime and India may finally get the Goods and Services Tax, an ambitious indirect tax reform measure.
In his address at a conference of state secretaries, Rajan stressed the need to strengthen state-level coordination committees by ensuring participation, conducting meetings more frequently and sharing quality information among all stakeholders, including state government agencies.
Rajan rules out picking unconventional tools to tame inflation
The current account deficit, which is the difference between inflow and outflow of foreign exchange, rose to a record high of 4.8 per cent of GDP in 2012-13, from 2.8 per cent in 2010-11.
The country has come a long way in the process of financial inclusion, Raghuram Rajan said, but "still has a way to go".
NDA seems to have been seduced by the rise in the stock market and the adulation showered at organised Indian diaspora events, former FM said.
By March 28, the reserves rose by a whopping $5.038 billion to $303.673 billion, the second highest in the fiscal.
In the global context, the country "stands out" in terms of relatively stronger growth and improved economic fundamentals, Raghuram Rajan said.
'Helicopter drop' was first proposed as an alternative to quantitative easing.
RBI Governor Raghuram Rajan said that consolidated fiscal deficit of the Centre and states rose to 7.2 per cent in 2015 from 7 per cent in the previous year.
Minutes after the Union Cabinet approved raising the cap on subsidised liquefied petroleum gas (LPG) cylinders from nine to 12 per connection in a year, Reserve Bank of India (RBI) Governor Raghuram Rajan questioned the decision, suggesting it was "misdirected subsidy".
China's per capita GDP is about four times of India's, Raghuram Rajan said.
To help cut down on current account deficit.
Former Finance Minister P Chidambaram said he was "disappointed and profoundly saddened" by Rajan's decision against a second term, but was not surprised by the development
The Governor of the Reserve Bank of India may need all the suave charm of the fictional British spy to sell that same hard-nosed agenda to a powerful new prime minister.
Centre to take a call only in August, just a month before his three-year term ends.
A few market and economic indicators have begun looking up, thanks to what many term the 'Rajan effect'.
While the rest of India marches towards the promised destiny of 'progress', Bihar - the heart of India- is doomed to poverty and the injustices of a caste-based society.
While achieving an eight per cent retail inflation rate by January 2015 is well within reach, Reserve Bank of India Governor Raghuram Rajan notes there is a second target, of six per cent by 2016.
It took three years of collective fiscal profligacy and policy mismanagement to cause this crisis.
Raghuram Rajan, who was Chief Economic Advisor in the Finance Ministry before taking over as RBI Governor on September 4, is scheduled to announce the next mid-quarter policy review on December 18.
Rajan also reiterated his view on the growth rate being inextricably linked with curbing inflation.
The Centre's fiscal consolidation resolve led to the cut in banks' mandatory SLR for the second time in a row, RBI Governor Raghuram Rajan said on Tuesday, hinting at more such liquidity enhancing steps in tandem with the government's action on fiscal deficit.
Individuals will have to wait for some more time; RBI may do away with mid-quarter policy reviews.
Rajan further said the current account deficit would be better in June than in May.
The government-appointed Financial Sector Legislative Reforms Commission (FSLRC) has recommended a slew of reforms to overhaul the sector.
Given their stability, the rupee and the renminbi (Chinese currency) -- when made convertible -- could well emerge as substitute currencies which countries will hold their reserves, stated Raghuram Rajan, Economic Advisor to the Prime Minister and Professor of Finance at the Chicago Graduate School of Business, on Wednesday.
A day after the Reserve Bank of India's monetary policy review, the RBI Governor talked to journalists on related issues.
Raghuram Rajan - the new Reserve Bank of India (RBI) governor - has announced a slew of measures to attract capital flows in the country to provide support to the rupee which has depreciated around 22% in the current financial year.
Declining value of the rupee, widening Current Account Deficit (CAD) and the impact of likely tapering of US bond purchases are some of the key issues which will keep Raghuram Rajan busy.
RBI governor is seen succeeding International Monetary Fund (IMF) chief executive officer, Christine Lagarde, next year.
Dr Rajan has clearly sought to establish his credentials as an inflation fighter and the action should be seen as an indication of how monetary policy will operate during his term.
Rajan addressed a group of investors in Boston on Thursday.
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