The Reserve Bank of India has finally opened up on the demonetisation debate after various contradictory claims by both the government and the central bank. Here are 5 big revelations from RBI’s note to Parliament panel justifying its stand on the entire demonetisation episode.
1. ''Demonetisation decision mutually taken by RBI & Govt''
As per RBI’s note, the decision to demonetise high-value currency was taken mutually by both RBI and the central government.
2. ''Prime reason of demonetisation to stop counterfeiting business''
The prime intention to scrap the old currency notes was to stop the counterfeiting business going on in the country as well as abroad. The reason behind launching 2,000 currency notes had to do with inflation and also to have seamless currency logistics in the country.
3. Rs 2,000 note design justified by RBI
The new and vivid Rs 2,000 notes design was justified by the RBI. It said that the new design will ‘catch the fancy of the public.’
4. Demonetisation had no impact on balance sheets, claims RBI
The RBI agrees to the fact that it might not be possible to replace notes fully. RBI has claimed that the demonetisation move had no impact on its balance sheets at all.
5. RBI mooted introduction of Rs 5,000 & Rs 10,000 notes in Oct 2014
The Reserve Bank of India mooted the introduction of 5,000 and 10,000 rupee notes as early as October 2014, as soon as the BJP came into power.
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