New Delhi: The design of the new Rs 2,000 and Rs 500 notes were approved by the government on June 7, 2016 - a full five months before it announced that existing high denomination currency bills would no longer be valid. This was revealed by the Reserve Bank of India in response to a Right To Information request filed by NDTV.
The move to curb corruption and tax evasion wiped out 86 per cent of the currency in circulation and triggered an unprecedented nationwide cash shortage. While the intent of the demonetisation drive received praise initially, the execution was widely criticised as it left crores of Indians without usable cash. Opposition parties also questioned the government, alleging that BJP leaders were photographed on social media flaunting bundles of new notes and units of the party stashed huge sums in bank accounts days before the cash ban, indicating prior knowledge.
In responses to other RTI queries filed by journalists and activists, it has emerged that the RBI board made the recommendation to demonetise 500 and 1,000 rupee notes on the November 8, the same evening Prime Minister Modi made the announcement in a televised speech.
The move to curb corruption and tax evasion wiped out 86 per cent of the currency in circulation and triggered an unprecedented nationwide cash shortage. While the intent of the demonetisation drive received praise initially, the execution was widely criticised as it left crores of Indians without usable cash. Opposition parties also questioned the government, alleging that BJP leaders were photographed on social media flaunting bundles of new notes and units of the party stashed huge sums in bank accounts days before the cash ban, indicating prior knowledge.
The new Rs 500 and 2000 notes were issued on November 10
In responses to other RTI queries filed by journalists and activists, it has emerged that the RBI board made the recommendation to demonetise 500 and 1,000 rupee notes on the November 8, the same evening Prime Minister Modi made the announcement in a televised speech.
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