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NITI Aayog Chief will bat for another round of note ban, if required

Wednesday September 5, 2018 6:43 PM, ummid.com News Network

Note Ban Again

Mumbai: Two days after blaming former Reserve Bank of India (RBI) Governor Raghuram Rajan for all the mess and problems the Indian economy is facing today, NITI Aayog Chief Rajiv Kumar said he would favour and recommend another round of note ban or demonetisation if required.

"Yes, I would do it any day to cleanse my economy, to formalise it, (and) to improve tax compliance behaviour," Kumar told NDTV when asked if he would recommend the notes ban again.

Kumar also said that he had backed demonetisation from 2007-08, as a means to 'drain the swamp', and that the move was not a failure.

"It (notes ban) was needed to reintroduce probity, integrity in our social and economic system," he said.

Kumar's statement came days after strong voices from all across the country are demanding answer from Prime Minister Modi after RBI said more than 99% banned currency notes were deposited in banks.

More than 100 people had died and businesses, especially MSMEs, suffered heavily after Modi announced the note ban in November 2016.

It was alleged that only few people were aware of the decision, and senior ministers in Modi cabinet, including Finance Minister Arun Jaitley and Home Minister Rajnath Singh, too were in dark.

After the latest RBI report was out, Congress and other opposition parties accused PM Modi of announcing demonetisation only to help his party and few of his corporate friends.

"The RBI annual report proves that all his objectives failed. I want to state the real reason of Demonetisation to everyone. PM Modi's 10-15 capitalist friends were defaulters. He helped them to turn their black money into white", Rahul Gandhi said while addressing a press conference last Thursday.

"We have seen in the case of Gujarat's Cooperative Banks, of which BJP Chief AmitShah is a Director, where Rs.700 cr worth of money was deposited", Rahul added.

Claiming that the BJP was the direct beneficiary after the note ban, Rahul Gandhi said, "The objective of Demonetisation was very clear. It was to help PM Modi's friends. Demonetisation was not a mistake, it was a deliberate move."

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