PM Narendra Modi ordered demonetisation on a whim, against RBI wish: Congress

NEW DELHI: Arguing that PM Narendra Modi ordered demonetisation on a whim and inconvenienced crores of people against the counsel of RBI directors and economic advisors, Congress called the decision a “Tughlaqi firman” which destroyed the economy.

Congress spokesperson Jairam Ramesh said the RBI board of directors had rejected the government’s main arguments for ordering demonetisation — that it would end the use of black money, counterfeit currency and curb excessive currency in circulation. The same arguments were put forward by Modi three hours later, when he announced demonetisation. TOI had reported the RBI’s misgivings on Monday.

“The minutes of the meeting show that RBI directors clearly said demonetisation will not have any impact on counterfeit money. That demonetisation has nothing to do with currency in circulation and demonetisation will have major problems for large sections of our society... It is clear that demonetisation was not a decision of the RBI. It was a decision of the prime minister of India,” Ramesh said.

Arguing that Modi ordered demonetisation on a whim and inconvenienced crores of people against the advice of RBI directors and economic advisors, Ramesh called the decision a “Tughlaqi firman” which destroyed the economy.