Full text of Subramanian Swamy's letter to PM Modi on RBI Governor Raghuram Rajan

New Delhi, May 29: Recently nominated Rajya Sabha MP, Subramanian Swamy by the BJP is in no mood to soften his stance on former IMF chief and incumbent RBI Governor Raghuram Rajan.

Earlier, Swamy had alleged that Rajan is not 'fully mentally Indian' and 'willfully' wrecked the economy of the country in his earlier letter to the Prime Minister Narendra Modi. Furthering his allegations and upping the ante against the RBI Governor Swamy has sent another letter to Modi raising six allegations against the former.

Subramanian Swamy, Raghuram Rajan, Narendra Modi

OneIndia is in the possession of a letter dated May 26, 2016 which Swamy sent to Modi outlining six allegations requesting immediate sacking of Raghuram Rajan.

Full text of the letter

Shri Narendra Modi                                                                                           May 26, 2016
Prime Minister
New Delhi

Dear Prime Minister:
In continuation of my earlier letters on the present RBI Governor tenure, I am making in this letter six specific allegations against the present Reserve Bank of India Governor Dr. Raghuram Rajan which, in my considered opinion, are prima facie true and which if you are persuaded, requires terminating his services as RBI governor immediately. These six allegations are as follows

1 Dr Rajan's insistence on raising the interest rates leading to recession in the domestic small and medium industries and thereby causing not only a sharp decline in output but also a massive unemployment of semi skilled labour. As a Professor of Finance he ought to have known this would be the inevitable consequences of rising and high interest rate and hence this policy is willful and thus anti-national in intent.

2 The RBI Act ruling out Sharia complaint financial institutions, and which bar was re-affirmed by the RBI and Finance Ministry in their representative affidavits filed in the Kerala High Court in response to my Writ Petition field 2012, Dr Rajan insisted on permitting Sharia complaint financial organisations to be set up but which you as Prime Minister ordered stayed on December 1, 2014.

3 Dr Rajan has continued to hold on to his US Green Card which is essentially a transnational visa arrangement for acquiring US citizenship, and requires performing US military duties if called for by the US Government. Despite holding very sensitive and very high Government of India Post, he has continued annually to renew his Green Card by making the mandatory trip for at least one day residence in USA. The RBI Governor post is very high in the Warrant of Precedence and requires a patriotic and unconditional commitment to out nation.

4 As Governor of RBI, Dr. Rajan has sent confidential and sensitive financial information to various persons around the world on his University of Chicago unsecure personal email address: raghuram.rajan@chicagobooth.edu. This is a reckless disregard of the national security interests of India.

5 Despite being a government official he has been publicly disparaging of the BJP government. For example he has by innuendos in effect held our government responsible for the "climate of intolerance" in the country. In a Washington Meet recently he disparaged the growth rate of India as being equal to cockeyed person in the land of blind persons. Such pejorative sarcasm against the Government is a violation of the Rules governing public officials and conduct unbecoming of such an official.

6 Dr. Rajan is a member of the US dominated Group of 30 [www.group30.org]. For a close reading of the Group's objectives it appears to be a group set up to defend US's dominant position in the global economy. The way the booming Japanese economy crumbled in the 1997-98 East Asian Financial Crisis showed how the US Bond Market rates could trigger the crisis contagion across East Asia. This crisis led to US business to buy into most of the collapsed Japanese companies. The US grip on the Japanese economy today is profound, in stark contrast to the reserve during the 1980's. This seems now also the modus operandi of Dr. Rajan in his strangulating the small and medium Industries by untenable high interest rates. My letter to you dated October 5, 2015 regarding RBI in principle approval to 10 Applicants for Small Financial Banks is illustrative of such sell out to foreigners in a critical area.

In view of above , I wish to convey with all the emphasis I can muster, that it is India's national interest to terminate the tenure of Dr. Rajan as RBI Governor. The decision, of course. Yours to make. This letter is therefore for your possible consideration.

                                                                                                Your Sincerely


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