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Except a few out there, RBI was ‘never in the loop’ about demonetisation: report

Except a few out there, RBI was ‘never in the loop’ about demonetisation: report

Mumbai: The Supreme Court verdict on demonetization brought to limelight the centre’s shocking decision to stop the circulation of Rs 500 and Rs1,000 six years ago.

As the debate surrounding the currency withdrawal continues, The Indian Express on Tuesday reported from sources that the Central Board of the Reserve Bank of India (RBI) was not “ in the loop” about demonetization.

The official who was part of the decision making reportedly revealed that the RBI board was never in the loop, adding that only one or two people of RBI would have known about the move.

Six months before the demonetization was to come, RBI board had cleared the Rs 2000 notes.

Replying to a Right to information query by the Indian Express, RBI said the Central Board discussed and approved introduction of Rs 2000 notes on May 19, 2016, but there was no discussion on withdrawal of Rs 500 and Rs 1000 at the May board meeting.

Adding further it said the matter was also not discussed during the subsequent Central Board meetings on July 7 and August 11.

In another RTI reply, RBI said that the Central Board of Reserve Bank of India recommended the proposal to withdraw Rs 500 and 1000 in its meeting held on November 8, 2016.

Meanwhile, the RBI refused to part with the minutes of the Central Board meeting on November 8, 2016 saying that the “information sought is exempt from disclosure under 8(1)(a) of the RTI Act, 2005,” according to the report.

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