RBI directors raised objections but “rubber-stamped” demonetisation anyway

Former RBI Governor Urjit Patel-led Central Board, which was asked to consider Centre’s demonetisation proposal, had met less than two-and-a-half hours before the announcement of note ban on November 8, 2016. However, Prime Minister Narendra Modi went ahead with the decision even before the central bank’s board approved of it, according to a report by Deccan Herald.

The minutes of the RBI meeting that were held right before the announcement was obtained under the Right to Information Act by activist Venkatesh Nayak and hosted on the website of the Commonwealth Human Rights Initiative.

The board of the Reserve Bank of India was assured of adequate preparedness before it signed off on the Government’s demonetisation decision, show minutes of an RBI board meeting held on November 8, 2016, just before Prime Minister Narendra Modi announced the withdrawal of Rs. 500 and Rs. 1,000 notes. The minutes were released following a series of appeals by Nayak after the central bank first denied information under the Right To Information Act.…

https://www.sabrangindia.in/article/rbi-directors-raised-objections-rubber-stamped-demonetisation-anyway

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