Baba Ramdev demands discontinuing Rs. 500 and 1000 currency notes

Amidst demand by Yoga guru Ramdev of banning currency notes of Rs 500 and Rs 1,000, the Reserve Bank today said the decision to demonetise a currency is taken by the government not the regulator.

“These decisions (of banning Rs 500 and Rs 1,000 notes) are taken by the government and not the RBI. The central bank only prints currency notes, denominations are decided by the government,” Reserve Bank Deputy Governor K C Chakrabarty said here, to a query over Baba Ramdev’s demand on discontinuation of high value currency notes.

He was talking to reporters on the sidelines of a programme organised by International Management Institute.

Ramdev, who is on an indefinite fast against corruption and blackmoney, is demanding that the government should ban currency notes of Rs 500 and Rs 1,000 denominations to check corruption.

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