Law Minister Ravi Shankar Prasad, speaking at a business gathering, has said that notebandi was recommended by the RBI. If he meant this in anything more than a technical sense (RBI’s central board has to recommend it before the government can take action; this was done on the evening of the PM’s announcement), then one has to square it with the Prime Minister’s earlier statement that the plan had been in the works for several months. That would take the timeline back to when Raghuram Rajan was governor, and it is widely believed that Rajan was not in favour of the idea. So was Prasad being technical, or dissembling in order to deflect the arrows coming at the government?
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