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LATEST NEWS UPDATES | RBI says ban on Rs 1000, Rs 500 notes proposed hours before PM's speech -Aloke Tikku

RBI says ban on Rs 1000, Rs 500 notes proposed hours before PM's speech -Aloke Tikku

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published Published on Dec 25, 2016   modified Modified on Dec 30, 2016
-Hindustan Times

New Delhi: The Reserve Bank of India (RBI) recommended demonetisation of 500- and 1,000-rupee banknotes hours before Prime Minister Narendra Modi announced the surprise move in a televised address to the nation in the evening of November 8.

The government and the RBI have kept the consultation process that led to the decision to demonetise 86% of India’s cash in circulation a closely-guarded secret. Both, however, have insisted that the demonetisation plan had been under discussion for long and consultations were being held.

Economic affairs secretary Shaktikanta Das told reporters on November 8 that there was “no need to go into the process which led to this decision. I think what we should be focusing on is the outcome and the decision itself”.

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Hindustan Times, 24 December, 2016, http://www.hindustantimes.com/india-news/rbi-says-ban-on-rs-1000-500-notes-proposed-hours-before-telecast-of-pm-s-speech/story-N5BQMs2RHkYUXMqzcvm44K.html


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