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DEMONITISATION BANG BANG!!

Government’s resolve and willingness to curb black money was once again echoed with no holds barred on November 13 when in Goa Prime Minister made fiery speech and showed determination to go all out to make the demonetisation move a success. Taking a political call on such a highly bearing sensitive move with heavy bearing on economic affairs of the Country has earned an all new awe for Prime Minister particularly in light of the fact that, information to recall the currency notes was shared on ‘need-to-know’ basis with merely ‘limited and identified’ people, even when RBI witnessed leadership transition from Raghuram Rajan to Urjit Patel. To maintain the confidentiality that formal procedure of economic Affairs Secretary writing to RBI mooting the proposal and RBI convening the Board to pass a resolution to accept proposal and communicating it back to the Government was completed only on November 8. It was after this process that the Cabinet members were informed during the meeting flashback DECEMBER 2016 DEMONITISATION BANG BANG!! EASTERN PANORAMA : APRIL 2017 r 129 on the evening of November 8. So the total formal procedure was completed in a day before announcement was made public by the Prime Minister to roll out the move.