New Delhi, March 11: With the RTI revelations on demonetisation in place, stating Prime Minister Narendra Modi implemented the note ban in 2016 without the formal approval of the Reserve Bank of India central board, former Union finance minister P Chidambaram took a swipe on him on Monday. Chidambaram said that the demonetisation only exposed the “incompetence” of the Narendra Modi-led government.
Expressing his opinion, the senior Congress leader said, as reported by the Indian Express, “Minutes of the RBI Board meeting of 8-11-2016 exposes the incompetence of the government that announced demonetisation.” Adding more, he said, “Despite warning by RBI that none of the reasons for demonetisation was justified, the government went ahead and destroyed the livelihood of millions of people.” Demonetisation Was Implemented by PM Modi Prior to Formal Approval From RBI, Reveals RTI.
Chidambaram was of the opinion that people of India will teach Narendra Modi and his team a lesson in the upcoming Lok Sabha Elections 2019, whose dates were dates were announced by the Election Commission on Sunday. He also added that ‘people will deliver their verdict’ as a response to the note ban decision for ‘destroying the livelihood of millions of people’.
Despite warning by RBI that none of the reasons for demonetisation was justified, government went ahead and destroyed the livelihood of millions of people.
— P. Chidambaram (@PChidambaram_IN) March 11, 2019
Though Chidambaram didn’t take the name in the tweet, said that due to alleged ‘adamant’ behaviour of the BJP-led Union government, the then RBI Governor was forced to tender his resignation eventually. He wrote, “Eventually, the poor Governor of RBI paid the price for capitulation and resigned.” Demonetisation Will Hit GDP, Won't Curb Black Money, RBI Told Modi Government.
It is to be known that on November 8, 2016, PM Modi had announced that Rs 500 and Rs 1,000 notes would become illegal tender and as a result, 86 per cent of high-value currency went out of circulation. People were seen queued up in line for days to get their old currency exchanged and over 100 people were reported dead.