RBI refuses to give reasons behind demonetisation

December 29, 2016 15:49

Fifty days after the government announced that Rs 500 and Rs 1000 notes would cease to be legal tender, the Reserve Bank of India feels that the reasons behind the sudden announcement cannot be made public.

The monetary policy regulator also refused to give any details about the time it will take to replenish the currency notes.

"The query is in the nature of seeking future date of an event which is not defined as information as per Section 2(f) of the RTI Act," RBI said in response to an RTI query.

The Bankers' Bank refused to disclose reasons behind the demonetisation of about Rs 20 lakh crore of currency in the country citing Section 8(1)(a) of the Right to Information Act.

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