Before six months our Prime Minister Narendra Modi announced Demonetisation, the RBI refused to share the details of note ban process, they saying it will be harmful to our country’s economic interest. Replying for RTI Query, that the central bank asked to disclose such details may prevent future economic or financial policies of Government of India. The RBI invited to give the copy of the minute meeting that held in their office at the time when the decision of demonetizing of Rs 500 and Rs 1,000 taken. It also asked to give the copy of the agreement made with the PM in his office (PMO) and with the Finance Ministery on demonetisation problem.

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RBI refused to share the details of note ban process

RBI refused to share the details of note ban process

The information requested in the inquiry that carries delicate background information that includes opinions, studies, data, survey, etc. They made the conclusion early in this process of removal the of legal tender character of  Rs 500 and Rs 1,000 notes. Declaration of such information would harm the economic interest of the country from the position of the goal tried to be done by such decision, the RBI said in reply to RTI requesting filed by PTI.

Declaration of such information would harm the economic interest of the country from the position of the goal tried to be done by such decision, the RBI said in the reply to RTI requesting filed by PTI correspondent. 

It will be also helpful in preventing future economy or financial policies of the Government of India, said by the central bank. The declaration of information, for qualifies exemption under section 8 (1) (a) of Right To Information (RTI)Act said.

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Some regions are bars of sharing those details which will prejudicially affect the independence and integrity of India, by this the security, the strategic, economic and scientific interest of the state, the relation with foreign state or lead to the incentive of an offense.

RBI says there is no part of record can be provided as observed in section 10 of the transparency law. This section allows them to access the part of the record which can be honestly served from any part that contains excused information. 

PM Narendra Modi on 8th November 2016 he announced demonetization of Rs 500 and Rs 1,000 notes that is the step for controlling black money.