Despite some reservations the board approved demonetisation, which was proposed by an RBI deputy governor & supported by finance ministry, which provided a draft scheme for withdrawal of existing Rs 500 and Rs 1,000 notes. Some RBI directors had also cautioned against “short-term negative effect on GDP”, although they termed it a “commendable measure”.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/2XPGae7
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