Decision to demonetise taken 2 years back: Subramanian Swamy | india-news | Hindustan Times
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Decision to demonetise taken 2 years back: Subramanian Swamy

The prevailing cash crunch was due to poor planning from the finance ministry, BJP leader and Rajya Sabha MP Subramanian Swamy saind on Sunday.

india Updated: Dec 18, 2016 20:48 IST
PTI
BJP member Subramanian Swamy said that the decision to demonetise Rs 500 and Rs 1,000 notes was taken back in 2014.
BJP member Subramanian Swamy said that the decision to demonetise Rs 500 and Rs 1,000 notes was taken back in 2014. (PTI)

The prevailing cash crunch was due to poor planning from the finance ministry, BJP leader and Rajya Sabha MP Subramanian Swamy said on Sunday.

He also said that the decision to demonetise Rs 500 and Rs 1,000 notes was taken back in 2014.

“The Finance Ministry should have taken precautionary measures before demonetising Rs 500 and Rs 1,000 notes,” he told reporters in Coimbatore.

“The government had decided to go for demonetisation in 2014 itself and the Finance Ministry ought to have done contingency plans. They have not done any preparation and the Prime Minister had announced (demonetisation), assuming that the things will be a smooth,” he said.

Moreover, the size of new Rs 500 and Rs 2,000 currencies was small to accommodate in the existing ATMs, which was another reason for the problem, he pointed out.

“Along with demonetisation, the committee headed by me on the issue in 2014 had recommended abolition of income tax, so that the people get relief,” Swamy said.

On stalling of Parliament proceedings, the BJP leader said, “We are not responsible for this, it is Congress which is responsible.”