RBI-govt talks on note ban on since Feb 2016: Arun Jaitley

The RBI approved the design for the new notes in May, says FM

Finance Minister Arun Jaitley on Tuesday told the Rajya Sabha that consultations on the decision to demonetise Rs 500 and Rs 1,000 currency notes were held between senior Reserve Bank of India (RBI) officials and the government since February 2016.

He maintained that the RBI board applied its mind “independently” and recommended demonetisation to the government.

The finance minister (FM) also said the RBI was working to fix the marginal discount charges for debit card transactions above Rs 2,000. But credit cards might not get such rules as that would depend on issuer and also because the economically well-off mostly use these