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RBI approved Note Ban hours before Modi's Address
By: Tupaki Desk | 29 Dec 2016 10:35 AM GMT
Reserve Bank of India (RBI) recommended scrapping of 86 percent of old higher denomination notes Rs 500 and Rs 1000 just hours before Prime Minister Narendra Modi's announcement on November 8th, 2016. Union Government & RBI made sure consultations over imposing ban on old currency have been maintained as a secret. This information was revealed through an RTI Query.
The proposal of demonetisation was discussed in RBI's Meeting at 5:30 PM on Nov 8th. Only 8 out of the 10 Board Members of RBI attended the crucial meeting on note ban.
Centre have the powers to demonetise any denomination of currency notes as per Reserve Bank of India Act, 1934. But, It needs to have the consent of Reserve Bank of India to implement it. RBI Governor Urjit Patel, Deputy Governors R Gandhi & SS Mundra, Directors Shaktikanta Das, Anjuly Chib Duggal and Nachiket Mor attended the meeting. This clarification should put an end to the version that Modi announced demonetisation without consulting RBI.
The proposal of demonetisation was discussed in RBI's Meeting at 5:30 PM on Nov 8th. Only 8 out of the 10 Board Members of RBI attended the crucial meeting on note ban.
Centre have the powers to demonetise any denomination of currency notes as per Reserve Bank of India Act, 1934. But, It needs to have the consent of Reserve Bank of India to implement it. RBI Governor Urjit Patel, Deputy Governors R Gandhi & SS Mundra, Directors Shaktikanta Das, Anjuly Chib Duggal and Nachiket Mor attended the meeting. This clarification should put an end to the version that Modi announced demonetisation without consulting RBI.
