During his tenure, the
Indian Rupee notes of denominations of ₹ 2, 5, 10, and 100, commemorating the birth centenary of
Mahatma Gandhi were released on 2 October 1969. These notes bear his signature, both in English and Hindi. The signature in Hindi, the official language of the Government of India, appeared on the currency notes for the first time during his stewardship of the RBI. A subsequent re-issue on this series notes bears the signature of
B. N. Adarkar. His tenure also saw nationalization of 14 major commercial banks, introduction of social controls over commercial banks, establishment of National Credit Council, and the introduction of Lead Bank Scheme to facilitate credit delivery. Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; and the setting up of the Agricultural Credit Board was undertaken. He served as India's ambassador to the
United States during the crucial period 1970–1973 when India fought a war with Pakistan and liberated Bangladesh. Kissinger acknowledged his persuasive diplomatic skills in the book
White House Years. Jha authored a few books including
Mr. Red Tape and
Economic Strategy for the 80s: Priorities for the Seventh Plan.{{cite web ==References==