Daijiworld Media Network-Bengaluru (RJP)

Bengaluru, Dec 11: “Demonetisation decision was taken at Rashtriya Swayamsevak Sangh (RSS) office in Nagpur and not at Reserve Bank Of India (RBI). That is why people are facing so much of hardships due to lack of planning while implementing demonetisation,” said former Advocate General Prof Ravivarma Kumar on Saturday, December 10.

He was speaking during ‘Demonetisation and its effects’ debate organized by Lawyers Forum for Social Justice on the occasion of human rights day here.

“Demonetisation without proper consultation and homework is not a good professional economic decision. It has affected the rural population very badly. Only RBI is allowed to print and stop the circulation of notes. RBI should take decision and the government should approve it. This is the rule. But in this case, government has taken a decision and then RBI is asked to approve it. This is totally unconstitutional,” he added.

“If RBI had taken the decision, it would have made arrangements to supply notes as 86% of the total currency was involved. But the union government has attacked the autonomous status of the RBI. Can you take out 86% blood from a person and ask him to live with the rest 14% blood? Rupee is going to lose its value due to this decision,” he opined.

“There are 95,000 cooperative banks in India. Their business is totally affected. ATM means Any Time Money. But now it has become No Time Money (NTM). It is impossible to make the country cashless. 70% of the people still do cash business. Let the government stop other unnecessary expenditure and improve the economy.” Prof Ravivarma concluded.