[<<The government had said demonetisation would help curb black money and steep rise in Rs 500 and Rs 1,000 notes; check the circulation of fake currency; and promote e-payments and financial inclusion. But according to minutes of the RBI board meet at 5.30 pm on November 8, 2016, three hours before the PM announced demonetisation, some directors said, “Most of the black money is held not in cash but in the form of real sector assets such as gold or real estate and this move would not have a material impact on the assets." ... Some RBI directors had countered the government’s argument on the growth in high denomination notes being much faster than the pace of economic expansion, arguing that “adjusted for inflation, the difference may not be so stark”. “While any incidence of counterfeiting is a concern, Rs 400 crore as a percentage of the total quantum of currency in circulation is not very significant.”>> These are the observations made by the Central Booard of Directors of the Reserve Bank of India, barely hours before the "announcement"! Also look up: < http://www.humanrightsinitiative.org/download/DeMon%201stattachment.pdf>.
Yet, he went ahead. Braving the risk of economic disaster, in the hunt for political gains. (For a detailed account: 'Demonetisation: One Year After: Towards a Synoptic View' by Sukla Sen at < http://www.documentcloud.org/documents/4311065-India-Demonetisation-One-Year-After-A-Synoptic.html >.)] https://economictimes.indiatimes.com/news/economy/policy/demonetisation-to-kill-black-money-rbi-directors-didnt-agree/articleshow/68354774.cms?utm_source=facebook_amp&utm_medium=social&utm_campaign=socialsharebuttons&fbclid=IwAR0_oDx1GGNzfBsBEipRvWq9dEUvNSX4EZKsmFUmliy2v2p7WMrkKNh2BFA&from=mdr Demonetisation to kill black money: RBI directors didn't agree There is little in the public domain to throw light on what the RBI thought about demonetisation. ET Online| Updated: Mar 11, 2019, 04.20 PM IST On November 8, 2016, the day Prime Minister Narendra Modi announced demonetisation, banning high-currency notes, to hit at black money, a few directors at the Reserve Bank of India (RBI) differed with the government, according to a TOI report. There is little in the public domain to throw light on what the RBI thought about note ban. However, the minutes of a final meeting reveal how the RBI perceived demonetisation. The government had said demonetisation would help curb black money and steep rise in Rs 500 and Rs 1,000 notes; check the circulation of fake currency; and promote e-payments and financial inclusion. But according to minutes of the RBI board meet at 5.30 pm on November 8, 2016, three hours before the PM announced demonetisation, some directors said, “Most of the black money is held not in cash but in the form of real sector assets such as gold or real estate and this move would not have a material impact on the assets." Snipped -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to greenyouth+unsubscr...@googlegroups.com. To post to this group, send an email to greenyouth@googlegroups.com. Visit this group at https://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
