India’s RBI Approved Cash Ban Just Hours Before Modi’s Speech
- Central bank won’t reveal how it prepared for currency crunch
- Bank’s transperency and credibility on the line: Thorat
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The board of India’s central bank approved the move to ban high-denomination notes less than three hours before Prime Minister Narendra Modi announced the decision in a televised address to the nation.
Information on how many members favored or opposed the move isn’t “on record,” the Reserve Bank of India said in response to queries from Bloomberg News under the Right to Information Act. Power Minister Piyush Goyal had told lawmakers on Nov. 16 that it was the authority’s 10-member board that came up with the idea.