“Former Reserve Bank of India (RBI) Governor Raghuram Rajan has revealed that the institution had warned the government about the ramifications of the latter’s decision to demonetise the high-value currency notes overnight. In an interview to The Times of India, Rajan said that though the central bank’s advice was solicited in the matter, it was not asked to take a stand on the note ban.
The former RBI chief said that he had warned the Centre about the immediate consequences of unplanned demonetisation, and that he had proposed substitute moves for rooting out a suspected shadow economy. “The RBI flagged what would happen if preparation was inadequate,” the newspaper cited Rajan as saying.” (Ganashakti Daily).
It is exposed now. Demonetisation was implemented with out any preparation and ignoring the opinion of the Reserve bank of India, The aims of the demonetisation as claimed by the Prime Minister – not even one of them is fulfilled. On the other hand, people had to face lot of difficulties, business came down and the economy also came down.
Demonetisation was nothing short of the blunder of shifting of the capital from Delhi to Daulatbad (Deccan) by Mohammed bin Tuglak.
Or, was it a calculated move on the part of the government to give a chance to the black marketeers, big business, corporates and BJP leaders to convert black money in to white money?