Those who rolled out the demonetisation drive, had no idea about how the Indian economy works.
D. Thomas Franco, the vice president of All India Bank Officers Confederation, says Urjit Patel (RBI Governer) is morally responsible for causing crisis and deaths in the country.
Franco said the government should have taken lessons from other countries and from its own demonetisation drive in 1978, when then RBI governor I.G. Patel had advised the government against the move.
He claims that the boxes of notes that reached some banks in the run up to the 8th November policy announcement had no invoices with them. Any box that left the Reserve Bank of India without an invoice could have disappeared without a trace and nobody would've known. He says when banks had no currency notes, the RBI supplied them with 'soiled' notes in desperation.
“It was very, very poor planning on the part of RBI that has led to this crisis. They did not even have a road-map. Those who sat and rolled out the demonetisation drive didn’t have a basic idea about how the Indian economy works and transactions happen. We understand that there were no discussions with experts and stakeholders before they took the decision,” he stated.
D. Thomas Franco was speaking at a public meeting organised by Center for Financial Accountability and Public Finance and Public Accountability Collective.
Thumbnail Image Courtesy: Debraya Mukhopadhyay