Demonetization: RBI Okayed Just 3 Hrs Before Modi’s Announcement

While many who hailed PM Narendra Modi’s gutsy move on demonetization on November 8th think that Modi might have spent several months brainstorming about the pros and cons of demonetization, nobody would be thinking that the Reserve Bank of India (RBI) had okayed Modi’s demonetization move just 3 hours before his announcement.

According to a startling fact revealed through an RTI query, the RBI advisory board made the decision of banning higher value currency notes at 5:30 pm on November 8th, just 3 hours before Modi’s historic announcement on demonetization.

The RTI scoop further revealed that Governor Urjit 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 were part of the RBI’s board members that gave its nod to Modi.

However, the RTI queue could not find out how many new 2,000 and 500 rupee notes were being printed in its mints each day or the number of hours each day the printing presses were working in the month to cope with the severe cash crunch that ensued following the November 8 announcement.

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