Tag Archives: BankNotes India

How PM Modi kept note ban a closely guarded secret. Who knew?

Pm Modi Note Ban

Highlights

  • Revenue secretary Hasmukh Adhia and five others were privy to the plan.
  • They were supported by a young team of researchers working at PM Modi’s residence.
  • PM Modi told his Cabinet that if note ban failed, he was ready to take blame.

NEW DELHI: PM Modi handpicked a trusted bureaucrat, little known outside India’s financial circles, to spearhead a radical move to abolish 86% of the country’s cash overnight and take aim at the huge shadow economy.