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Note ban decision was taken by early 2016, says RBI

RBI

New Delhi: Reserve Bank of India (RBI) Governor Urjit Patel on Wednesday in a briefing on the note ban decision told the Parliamentary Standing Committee that the decision to scrap the high value currencies began during early 2016 at the behest of the Union Government.

Patel met the parliamentary panel on finance comprising former Prime Minister and RBI Governor Manmohan Singh, Veerappa Moily, Department of Economic Affairs Secretary Shaktikant Das and Revenue Secretary Hasmukh Adhia and others to make the apex bank’s stance on deciding the note ban decision.

The November 8 decision has led to ouster of more than 95 per cent of money in circulation. The Governor told the panel that Rs 9.2 lakh crore worth of new currency notes have been replaced into the finance system.

Notably, the RBI has been criticized for abandoning its autonomy as the central bank of the country to head the demonetization move at the diktat of the Union Government.

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