Raghuram Rajan had ‘reservations’ on ₹500, ₹1,000 note scrap

The process to demonetise ₹500 and ₹1,000 notes began “a few months ago” and former RBI Governor Raghuram Rajan had “reservations” over the move, reports stated. However, PM Modi, with a few senior bureaucrats, went ahead with the move, sources said. Earlier, Rajan said that although demonetisation is an attempt to curb black money, “clever people find ways around it”.