As with other issues raised by Baba Ramdev, the Reserve Bank of India is not at all convinced that scrapping of Rs 500 and Rs 1,000 currency notes can really help curbing black money in the country. “Is there any study to show that the circulation of Rs 500 and Rs 1,000 currency notes are responsible for creating black money? Rather, it will increase the cost of other currency notes to replace the Rs 500 and Rs 1,000 currency notes. It will create more problems than providing any solution,” thundered KC Chakrabarty, Deputy Governor, RBI.
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