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LATEST NEWS UPDATES | ‘Did RBI inform govt of impact on circulation?’: SC asks govt on demonetisation -Abraham Thomas

‘Did RBI inform govt of impact on circulation?’: SC asks govt on demonetisation -Abraham Thomas

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published Published on Nov 26, 2022   modified Modified on Nov 26, 2022

-Hindustan Times

Under the Reserve Bank of India (RBI) Act Section 26(2), a recommendation by the RBI’s Central Board precedes any decision to demonetise any series of currency notes.

The Supreme Court on Friday asked the central government if the Reserve Bank of India (RBI) had informed it that demonetisation will result in the withdrawal of over 86% currency in circulation.

Making a query to the Centre as part of its consideration of a bunch of petitions challenging the November 8, 2016 notification, a five-judge Constitution bench said, “Did the RBI inform Government that 86.4% currency would be withdrawn from circulation? This was an enormous action.”

Under the Reserve Bank of India (RBI) Act Section 26(2), a recommendation by the RBI’s Central Board precedes any decision to demonetise any series of currency notes.

At the time of the note ban, 17.97 lakh crore currency was in circulation, of which, the demonetised bank notes valued 15.44 lakh crore — constituting 86.4% of the currency in circulation, according to data produced by Congress leader and senior advocate P Chidambaram on Thursday. Of this 98.9% demonetised notes came back, valuing 15.31 lakh crore, he added.

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Hindustan Times, 26 November, 2022, https://www.hindustantimes.com/india-news/did-rbi-inform-govt-of-impact-on-circulation-sc-asks-govt-on-demonetisation-101669417473805.html


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