The glittering agendas of notes ban had some effects that were not pleasant for the common man. Urjit Patel, the chief of the Reserve Bank of India also accepted today before the parliament committee that after the sudden ban of 500 and 1,000 rupee notes in November, there were hardships for people. Abnormal deposits of old notes are being tracked as told by Dr Patel to the lawmakers. Take a look at what he said today to the Parliament Committee.
- He accepted that the sudden announcement caused problems for the common man; marriages too faced problems and even people died.
- Beside its impact, Demonetisation would be good for economy on a long term basis.
- Central Bank is making efforts to reduce transaction charges on digital payments.
- RBI s board met at 5.30 pm that evening and cleared the government's advisory notice that was sent a day earlier, on banning high-denomination bills.
- Government and the RBI began discussing demonetisation in the month of May last year and the plan was turned into action on November 7.
- 2 lakh crores of new currency notes have been introduced to help replace the banned bills since the notes ban.
- Former Prime Minister Manmohan Singh advised Dr Patel not to respond to the questions which could create problems for the central bank in Wednesday's meeting.