Demonetisation fall: If it fails, I am to be blamed, said Narendra Modi
New Delhi, Narendra Modi: In order to take the responsibility as a leader, the PM today reportedly said to his cabinet ministers, if Demonetisation fails, I am to be blamed.
Hasmukh Adhia, the bureaucrat, and five others privy to the plan were sworn to utmost secrecy, say sources with knowledge of the matter. They were supported by a young team of researchers working in two rooms at Modi’s New Delhi residence, as he plotted his boldest reform since coming to power in 2014.
Hasmukh Adhia along with five others were informed about the currency ban and sworn to utmost secrecy. Separate teams were made who operated from Prime Minister Narendra Modi's home.
One team comprised of the young researchers working in two separate rooms to plan out the strategy on how PM Modi will execute the boldest reform since coming to power in 2014.
When, on the evening of November 8, PM Modi announced the scrapping of Rs 500 and Rs 1000 denominations, it came as a bolt from the blue. This plan was kept a secret throughout to outflank those who might profit from prior knowledge.
Earlier, details of Modi's handling of the so-called demonetisation opened a window onto the hands-on role he played in the implementation of a key policy and how he was willing to act quickly even when the risks were high.
Several prominent advocates said that scrapping of the banknotes will bring more money into the banking system and raise tax revenues. On the other side, millions of Indians are furious since they have to line up in queues every day to exchange the old currency or deposit money in the accounts.
Labourers have also been unpaid and produce has rotten in the markets after cash stopped changing hands. There is no doubt about the fact that the replacement notes printed by RBI were not enough to cope up. It could take months for everything to get back on the track like it was earlier.
With assembly elections approaching in several states in 2017 including Uttar Pradesh, Gujarat, and Punjab, this one move could possibly decided the fate of BJP and if PM Modi will continue for a second term in the office. The Prime Minister has indeed staked his reputation and popularity on the demonetisation move.
“I have done all the research and, if it fails, then I am to blame,” Modi told a cabinet meeting on Nov. 8 shortly before the move was announced, according to three ministers who attended, reported Reuters.
This statement of the PM clearly showed that he was aware of the criticism that was coming his way and still went ahead with it. It shows what was going in his mind even when he was minutes away from announcing currency scrapping. Now, the Opposition is calling it the biggest scam under Modi government.