Lack of preparedness by govt led to cash crisis, admits Subramanian Swamy

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

By: PTI | Coimbatore | Published: December 18, 2016 7:45 pm
Demonetisation, demonetisation news, Subramanian Swamy, Subramanian Swamy-BJP, bjp-Subramanian Swamy, cash crunch, lack of preparedness, Congress-BJP-Parliament, India news, Indian Express BJP member Subramanian Swamy (Source: PTI Photo) 

BJP leader and Rajya Sabha MP Subramanian Swamy on Sunday attributed the prevailing cash crunch to lack of preparedness by the Finance Ministry before demonetising high value currencies. “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 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.”

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  1. P
    Dec 18, 2016 at 6:13 pm
    Swamy normally people enter parliament by people's votes hoe did u get into parliament good for nothing joker
    1. K
      Dec 18, 2016 at 3:11 pm
      Swamy thinks people are fools to believe his conspiracy stories to protect PM Modi who also doubles as the main face of BJP for;br/gt;Swamy may be a learned man but that doesn't mean he can take people for a ride by constantly cooking such stories of artificial clash between himself and FM or other nice fancier MNC/US/Vatican conspiracy theories. lt;br/gt;This is purely a gamble Modi and his cabinet had taken in tandem with BJP party with heavy penalties/cost on innocent people but with not so clear tangible benefits because corruption is so entrenched in society as well as BJP as a political party receiving the most/ in sizeandnumber of dubious funding to support its party;br/gt;Modi as PM must take the full responsibility along with his powerful PMO which supervises other ministries as well for this fiasco in terms of damage due to improper/hastier decision to demonetise 86% of currency in circulation. FullStop