Demonetisation: Preparations not enough to ensure notes flow, says Congress leader S M Krishna

Senior Congress leader and former External Affairs Minister S M Krishna on Sunday said that though the intention behind demonitisation was to curb black money, the Centre has not taken enough preparations to ensure adequate supply of lower denomination of currencies. “Did the government took enough preparations to ensure supply of lower denomination of currency notes before taking the important decision (to demonetise higher currency notes)?,” he asked.

“Modi has failed to ensure this, and it has put common people in great distress,” he told reporters on the sidelines of a function in Bengaluru. However, there were no second thoughts over the intention of the move, Krishna said. Replying to a query, Krishna expressed surprise over IT raids on two top Karnataka government officials, where more than Rs 4.7 crore new Rs 2000 notes were found in their possession.

“This is shocking and a disturbing development. From where these new notes came from, this is a million dollar question. Dealing with such officials should not end in mere suspension. There has to be more severe punishment,” he said. In one of the biggest seizures of new currency, the Income Tax department on December one confiscated Rs 5 crore in searches in their premises in Bengaluru.