Demonetisation decision not taken in haste: RBI

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December 07, 2016 15:14

RBI chief Urjit Patel says:

* 7th Pay Commission disbursements have not been disruptive to inflation outcomes.

* Incremental cash reserve ratio was purely a temporary measure.

* Inflation outcome in September and October vindicates current stance

* The recent rise in crude oil prices presents an upside risk to its 5 percent inflation target for March 2017

* Demonetisation to result in short-run disruptions in cash-intensive sectors like retail, hotels, restaurants and transportation.

* Govt has pro-actively responded with increasing market stabilisation scheme limit to Rs 6 Lakh crore.

Deputy RBI chief R Gandhi says:

* Demonetisation decision was not taken in haste

* "We are trying to provide adequate cash. We advise people to not panic of hoard cash. They should also consider adopting more digital payments as there are many available options."

* 19 billion notes have been given to public, more than what we have supplied to public in the last 3 years.

* Old notes worth Rs 11.55 lakh crore recovered after demonetisation.

* No decision taken so far to reintroduce Rs 1000 notes

* Printed more currency notes post demonetisation than in the last 3 years; Public need not worry about availability

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