National

RBI Was Not In Loop About Demonetization: Report

RBI

An official who was part of the decision-making hinted that there were no proper discussions held about demonetization in the RBI Board

New Delhi: The Supreme Court Constitution Bench has upheld by a 4:1 majority the decision taken by the Union Government six years ago to demonetize the currency notes of Rs. 500 and Rs.1000 denominations. On this, The Indian Express reported Reserve Bank of India (RBI) was “never in the loop” about the withdrawal of notes. High-Level sources of The Indian Express said the Central Board of RBI was not in the loop about the matter.

As per The Indian Express report, an official who was part of the decision-making hinted that there were no proper discussions held about demonetization in the RBI Board. He said, “It is said that the government was in consultation with the RBI for six months. The (RBI) board was never in the loop. Maybe one or two people from RBI would have known. Suddenly within half an hour or one hour, you issue a notice and call a meeting without even informing about the agenda.”

According to the report, in May 2016, six months before the demonization RBI board had cleared the introduction of Rs 2,000 notes. But the withdrawal of 500 and 2000 notes was not discussed in July and August board meetings in 2016.

In its Right to information (RTI) reply to The Indian Express earlier, RBI said on May 2019, a proposal to introduce Rs 2000 notes was discussed and approved by the Central Board. However, the withdrawal of legal tender of the Rs.500 and Rs.1000 notes was not discussed at the May board meeting last year.

The Indian Express reported that RBI said it was also not discussed during the subsequent Central Board meetings on July 7 and August 11. Raghuram Rajan was the Governor when the proposal to introduce new 2000 rupee notes got a green signal from RBI Board that year.

Also Read: “RBI Did Not Show Independent Application Of Mind”: Dissenting Judge In Demonetization Case

When RBI was enquired about whether the RBI Central Board received any proposal to demonetize Rs 500 and Rs 1000 notes from the government in another RTI reply RBI said, “the Central Board of Reserve Bank of India in its meeting held on November 8, 2016, recommended the proposal to withdraw legal tender character of 500 and 1000 rupee notes to the Central Government.’’

The Indian Express reported RBI declined to provide the minutes of the Central Board meeting on November 8, 2016. Stating the reason for not sharing the minutes of the meeting, RBI said the “information sought is exempt from disclosures under 8(1)(a) of the RTI Act, 2005.”

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National

PM Modi To Visit Ayodhya On Eve Of Diwali, To Perform Pooja Of Ramlala Virajman

ANI

On the eve of Diwali, Prime Minister Narendra Modi will visit Ayodhya, Uttar Pradesh, said the Prime Minister’s Office on Friday.

On October 23, PM Modi will perform darshan and pooja of Bhagwan Shree Ramlala Virajman at around 5 PM. Following the prayer session, PM Modi will conduct an inspection of Shri Ram Janmabhoomi Teerth Kshetra site.

“At around 5:45 PM, he will perform the Rajyabhishek of symbolic Bhagwan Shri Ram. Around 6:30 PM, Prime Minister will witness Aarti at New Ghat, Saryu river, which will be followed by the commencement of the grand Deepotsav celebrations by the Prime Minister,” read an official statement by PMO.

This year, the sixth edition of Deepotsav is being held, and it is for the first time that the Prime Minister will be participating in person in the celebrations.

More than 15 lakh diyas will be lit on the occasion. Five animated tableaus and eleven Ramleela tableaus with different dance forms from different states will also be put up during Deepotsav. Prime Minister will also witness the 3-D Holographic Projection Mapping Show at Ram Ki Paidi at the banks of river Saryu along with the Grand Musical Laser Show.

Earlier today, Prime Minister Modi arrived at Badrinath Dham in the Chamoli district of Uttarakhand.

Before arriving in Chamoli, PM Modi visited Kedarnath Dham in Rudraprayag and offered prayers in one of the holy shrines donning a traditional pahadi outfit, Chola Dora, that was gifted to him by Himachali women during his tour to the state.

PM Modi arrived at Jolly Grant airport in Dehradun earlier in the day and was received by Chief Minister Pushkar Singh Dhami and Governor Lt Gen (Retd) Gurmeet Singh.

He later laid the foundation stone of the Kedarnath ropeway project and after that visited the Adi Guru Shankaracharya Samadhi Sthal.

He also reviewed the progress of development works along Mandakini Asthapath and Saraswati Asthapath.
Prime Minister is on a visit to the Himalayan state to lay the foundation stone of projects worth over Rs 3,400 crore.

After worshipping at Badrinath, PM Modi is scheduled to review the progress of the development work of the riverfront, followed by laying the foundation stone of road and ropeway projects at Mana village. He will review the progress of the development work of the arrival plaza and lakes.

The ropeway in Kedarnath will be around 9.7 km long and will connect Gaurikund to Kedarnath, reducing the travel time between the two places from 6-7 hours at present to only about 30 minutes. The Hemkund ropeway will connect Govindghat to Hemkund Sahib. It will be around 12.4 km long and will reduce the travel time from more than a day to only about 45 minutes. This ropeway will also connect Ghangaria, which is the gateway to Valley of Flowers National Park, said the PMO statement.

The ropeways, which will be developed at a cumulative cost of around Rs 2,430 crore, are an environment-friendly, safe, secure and stable mode of transport. This major infrastructure development will give a boost to religious tourism, which will give a fillip to the economic development in the region and lead to the creation of multiple employment opportunities as well.

Foundation stones for road widening projects worth around Rs 1,000 crore will also be laid during the visit. The two road widening projects – from Mana to Mana Pass (NH07) and from Joshimath to Malari (NH107B) – shall be another step towards providing last-mile all-weather road connectivity to our border areas. Apart from boosting connectivity, these projects will also prove beneficial from a strategic point of view.

(Except for the headline, this story has not been edited by HW News staff and is published from a syndicated feed.)

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