Economy would've collapsed, note ban saved it: RBI's Gurumurthy
Calling demonetisation a corrective measure, RBI board member S Gurumurthy on Thursday said the Indian economy would've collapsed without it. He said that high denomination currency notes were being funnelled to real estate and gold. Gurumurthy added that asset prices would've gone the same way as it happened in the US in 2008 due to sub-prime lending.