Who all knew about the currency demonetisation in India?

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The currency demonetization has mostly won accolades across India, albeit the criticism by the opposition Congress and certain quarters of the society who believe that the government has completely ignored the woes of the common man who does not have a bank account.

Many call it unplanned and insensitive, but keeping in mind the long-term economic developments and the main agenda behind the move, the entire process was executed in secrecy and a mere few knew about the upcoming changes.

Currency demonetization

The Three Musketeers

It is believed that the entire idea of demonetisation was being planned for 6 months, which involved just three people- PM Narendra Modi, finance minister Arun Jaitley and RBI Governor.

6 months ahead of the move, there was informaton about new Rs 2,000 prints, but it was assumed that they were just inclusions to the present denominations.

[Read: ATMkaro.in- A novel way to inform people which ATM is functional]

The Second Stage

The second stage of the move involved top level cabinet meet few hours ahead of the announcement, which involved Modi, Arun Jaitley, Ajit Doval and RBI Governor. No one was allowed to carry any electronic devices, even mobile phones.

[Read: What is Currency Demonetization? ]

PM Modi also met the three heads of the armed forces. Incidentally, the media came to know about the meeting, but understood that India was finally planning a war against Pakistan.

While the meeting took place at 6:30 pm on November 8, the announcement was made at 8:00 pm the very same day. Inside sources say that no one had the permission to go out of the cabinet meeting room until the announcement was made.

Why the Armed forces?

The main reason behind the involvement of the armed forces was Modi's observation of the turmoil in Burma when the country demonetized its own currencies.

Many political parties in Burma had ganged up people and misled them into violence saying that the government had ceased people's money. To avoid any such situations, PM Modi held the meeting with the Defence heads and spearheaded the project himself.

[Read: Rs 500, Rs 1,000 notes banned: After Diwali, Modi wants Indians to celebrate Imandari ki Utsav]

The end result of the move is awaited. However, Indians seem to have accepted the decision and are supporting the drive, given the menace Black Money has been spreading in the past decade in the country.

[Read: Demonetisation: PM Modi's mother exchanges currency for Rs 4,500 ]

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