Telangana News

The Reserve Bank of India agreed with the Prime Minister Narendra Modi’s demonetization’s decision, just before three hours of the official announcement, an RTI query revealed.

Governor Urjit Patel, and his three deputies - R Gandhi, S.S. Mundra and N.S. Vishwanathan, along with a host of eminent personalities including the Economic Affairs Secretary Shaktikanta Das were part of the RBI's board members, that gave its nod to Modi.

However, there is no clarity on how many new Rs. 2000 and Rs. 500 notes were being printed in its mints each day, to meet the cash crunch in the country.

As the deadline for exchanging the old notes is going to be called off tomorrow, heavy queues were witnessed outside the banks. But the cash crunch is expected to continue even in the new year, as there is no required currency in the banks for exchanging the notes. 

It seems the government is staying away from printing more notes, as it is keen to make public habituate to the digital transactions.