a speech in goa in august 1997 to “ talk down the rupee ” ; reassuring statements on market developments in the context of asian crisis combined with a package of measures, in tranches in 1997 and 1998 ; pre - emptive measures in mid - 1998 in the context of crisis in russia ; reassuring statements issued in the context of kargil war in 1999 ; a combination of liquidity injection, reassuring statements along with measures in the context of the 9 / 11 ; a combination of actions and measures at the time of sharp downward movement of indian stock markets on may 17, 2004 coinciding with the political transition at the national level ; and more recently, to explain the impact of redemption of the india millennium deposits to the extent of us dollar seven billion. there are several other instances when there were thoughtful inactions. for instance, rbi decided not to take any measure or issue a statement when us imposed sanctions on india. in brief, we have open market operations, open mouth operations, and open only eyes and ears operations in regard to threats to financial stability. many central banks perform a multitude of functions and their responsibilities are seldom restricted to monetary policy and financial stability. hence, communication policies and strategies have to be tailored to meet the needs of specific function to be performed on the one hand, and on the other, having an overall consistent or common policy framework within which the central bank functions. for instance, the rbi has the responsibility to develop and regulate money, forex and government securities markets, with some dilemmas to be resolved when rbi is both a developer and a regulator. it is also a debt manger to the central and the state governments. thus, the communication policies, strategies and contents while dealing with the market intermediaries are different from those adopted, in dealing with, say, state governments, for whom rbi is also a banker and a debt manager. the rbi is also a regulator, specially of banks, with distinct interests being served, namely, depositors, consumers in general, systemic efficiency as well as stability, and the banks themselves whose health is critical to the financial sector. communication policies are, therefore, tailored separately for each category of stakeholders. finally, several services are rendered by a central bank, specially in matters relating to currency and coins, payments system, credit information, and overall, grievance redressals. communication, indeed, is not neutral to the target audience. for a central bank ’ s communication, it is varied and includes general public,

.. ” but surprisingly, he accepted the chance behaviour of molecules suggested by s. n. bose, which resulted in the bose - einstein theory. the inherent nature of uncertainties was initially less understood. although there are uncertainties at the individual level, very few realised a certain amount of stability in the average of a mass of individuals. this is what we call as “ order in disorder ”, or more technically “ statistical regularity ”, which paved the way for formulation of law of large numbers in statistics. discipline of statistics : ancient roots 8. statistics as subject of collection and use of various kinds of statistics can be traced much earlier in india. kautilya ’ s arthasastra ( 321 – 296b. c. ), one of the greatest treatise of economics, indicates a system of census and data collection relating to agriculture, population and other economic activities, covering villages and towns. in addition, the concept of cross - checking and validation by independent agents was very much part of the data collection system. evidences in the writings of huen tsang of seventh to early eighth century and ain - i - akbari by abul fazal show enough empirical basis for handling administration and politics. essentially, the basic statistical system remains with the government. modern statistical information system was developed by the british with the objective of collecting taxes and does not meet with the developmental and administrative needs of the society to a large extent. the commercial and business information system were developed primarily for accountants and does not serve the purpose of management. hence, the statistical system has to reorient to meet the developmental, administrative and management needs of the society. practitioners of statistics have to play an important role in achieving this objective. statistics pervades our daily lives 9. we all live with statistics. starting from the morning newspapers to the evening tv reports, we are surrounded by various statistical figures. we often come across data about out economy : india ’ s population rose to 1. 21 billion people over the last 10 years, an increase by 181 million, according to the census 2011 ; india ’ s gdp increased by 8. 5 % in 2010 – 11 ; inflation was about 7 % in february this year. deposits of scheduled commercial banks was up by 14. 6 % in february, 2012 over a year ago. how are these numbers generated? all these figures are themselves part of statistical measurement. there are elaborate statistical systems to collect detailed data and compile them to generate the aggregate numbers. bis central