New RBI Governor Urjit Patel Got 6 Month for Currency Demonetization

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New RBI Governor Urjit Patel Got 6 Month for Currency Demonetization
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Prime Minister of India Narendra Modi announced the Ban on the Currency notes of 500/- Rs. And 1000/- Rs. on the evening of 8th November. Since then everybody is discussing that how the government prepared for such big operation, What were the strategies they made to conduct this plan. Who knew about this and who did not. We are trying to understand the strategy behind the biggest operation to bring black money out. RBI governor, Urjit Patel applauded Modi’s “very bold step” which addresses concerns about the “growing menace of fake Indian currency notes.”

New RBI Governor Urjit Patel Got 6 Month for Currency Demonetization

Source of this news is various internet news websites

According to various Interviews of Arun Jaitley and other High Government officials, Government was planning for this operation for two years. The first step of this process was Pradhan Mantri Jan-Dhan Yojana. They have taken many important decisions for this, and there is a long planning they have done to end corruption. Around six months ago Indian Government notified Reserve Bank of India to Print More notes of 100/- Rs and 50/- Rs to create the abundance of currency. Replacing 23 billion notes from the country was an enormous task and had to be kept confidential. Prime Minister Modi and Arun Jaitley only included two government officials in the plan, one of them was from RBI and one from Finance ministry.

Six months time was used in printing enough 100/- and 50/- Rs notes and planning the operations to run carefully. The first public move was taken by Reserve Bank of India on Tuesday 8th November when the board met at 6 pm and recommended the ban on 500/- and 1000/- Rs Notes. The government was ready for the move and cabinet moved at 6:30 same day and PM went on air to announce the biggest decision of Indian Economy. It was the first Currency Demonetization in 38 years.

The idea was simple, and Government wanted to make people use the fair currency, and they wanted to bring black money out. While those who have “agricultural income” can still use a possible loop transact in cash, the hole to transact in cash, the window is seen to be limited, and the government expects the bulk of the funds to flow into the banking system. This itself is going to provide more boost for lending, which has remained subdued, a senior government official said. “We have hastened the printing of these notes,” RBI Governor Urjit Patel said.

Reference: Times Of India

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