Unbelievable!!! RBI approved PM Modi’s note ban bid only 3 hours before it’s announcement
Mumbai, Dec 30: The Reserve Bank of India board approved the move to ban high denomination notes less than three hours before Prime Minister Narendra Modi announced the decision in a televised address to the nation.
Information on how many members favoured or opposed the move isnt on record, RBI said in response to queries from Bloomberg News under the Right to Information Act.
Power minister Piyush Goyal had told lawmakers on November 16, that it was the authoritys 10-member board that came up with the idea.
The decision to withdraw the legal tender character of the Rs 500 and Rs 1,000 currency notes to the central government was taken at 5:30 pm on November 8, at a board meeting, RBI said in its responses.
The banks board consists of governor Patel, his three deputies R Gandhi, S S Mundra and N S Vishwanathan along with a host of eminent personalities, including the economic affairs secretary Shaktikanta Das.