One day, Governor Jalan said that the Finance Minister is making an announcement on introduction of Fiscal Responsibility Bill (which was the then proposed nomenclature). Governor Jalan said that he had discussed with the Minister and that they had decided that I will be named the Chairman of a Committee that would draft the Fiscal Responsibility Bill.
I submitted that the government officials should be working on the legislation relating to fiscal issues and that the RBI should not be involved, as the ownership of the Fiscal Responsibility Bill should be with the government. Governor Jalan did not relent and said “No, it has been decided that you do it”. So finally, we arrived at a compromise.