Lack of preparedness by govt led to cash crisis: Swamy

December 18, 2016 19:51

BJP leader and Rajya Sabha MP Subramanian Swamy today 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."

« Back to LIVE

TOP STORIES

Let's not talk about the throw, it was not up to it: Neeraj Chopra

Neeraj Chopra won again, but not in the manner he would have liked to, and he had no qualms in admitting it.

Southwest Monsoon to reach Kerala on May 31 amid El Nino concerns

"This year, the Southwest Monsoon is likely to set over Kerala on May 31 with a model error of four days," the India meteorological department said on Wednesday.

In Pictures - Clinical Punjab Kings hand Rajasthan Royals fourth loss on the trot

Despite a well-tuned 48 from local hero Riyan Parag, Rajasthan Royals struggled against an array of accurate bowlers on a rather slow pitch, meandering to a sub-par 144 for nine against Punjab Kings in their IPL match in Guwahati on...

T20 creates the perfect form of cricket: Usain Bolt

It comes as no surprise when the world's fastest man Usain Bolt says that the fastest form of cricket is his favourite one and feels more fans in the Caribbean and world over will choose the T20 format over Tests going forward.

1 dead, 14 rescued after lift collapses in Rajasthan mine

Fifteen personnel of the public sector company got trapped in a mine Tuesday night when a cage used to carry the personnel fell down after a rope broke, police said.