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RBI meekly surrendered to Central government decision on demonetisation: P Chidambaram to Supreme Court

The former Union Minister submitted before a Constitution Bench of Justices S Abdul NazeerBR Gavai, AS Bopanna, V Ramasubramanian and BV Nagarathna said that Reserve Bank of India (RBI) had meekly surrendered to the Central government’s decision on demonetisation.

Only if the Central Board of the RBI proposes demonetisation can the Union government act on the same.

Here, the RBI meekly surrendered after deliberating for only an hour,” he said.

The Central government itself had not considered the enormity of demonetisation before going ahead with it, Chidambaram added.

Why are they holding the minutes back? These documents are absolutely necessary to decide the issue. We must know what material they had, what consideration they did. We are not considering the decision, but the process of decision making. They need to show they had considered the enormity and proportionality of their decision. Without it, it is blind leading the blind,” he argued.

Source: Barandbench

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