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...This fiscal bounty for the government can be used to finance government projects or can be simply transferred to people’s accounts for their spending (the so-called helicopter drop of cash). The government of India recently passed an ordinance to formally extinguish the liability of the central bank on the demonetised notes. Consequently, the RBI is legally within its rights to make this bonus-transfer and the presumption is that it will follow. This entire line of reasoning, however, fails to recognize that this transfer by the RBI has direct consequences for its target interest rates and target inflation. ...Live Mint on Jan. 9, 2017, 2:42 a.m.