₹500, ₹1,000 scrapped on RBI's recommendation: Law Minister
Law and IT Minister Ravi Shankar Prasad on Saturday said the government's decision to demonetise ₹500 and ₹1,000 currency notes was taken on the recommendation of the Reserve Bank of India (RBI). Adding that RBI is the sole authority to take such decisions, Prasad said, "The country is moving towards honesty and transparency let it move in that direction."