Money & Banking

No backing down on demonetisation: Centre

Richa Mishra New Delhi | Updated on January 15, 2018 Published on November 14, 2016


Prime Minister Narendra Modi is believed to have told Cabinet colleagues, senior RBI and Finance Ministry officials that there will be no going back on the Centre’s move to demonetise ₹500 and ₹1,000 notes. This, despite considerable pressure from the Opposition and threats of disruptions in the Winter Session of Parliament.

At a late-night review meeting called on Sunday, the Prime Minister said the government’s strategy would be to ‘stand by the decision’.

While a ‘review meeting’ is commonplace in Modi’s administration, Sunday’s was different. It was convened immediately after the PM’s rather ‘emotional’ outburst at public rallies. Besides, it was only a few hours earlier that the Finance Ministry had come out with a detailed stock-taking report as well as further modifications in the implementation process.

The meeting reviewed cash availability and supply, a person in the know said, adding that “the mood is clear that there is no going back”. The meeting went on till after midnight.

However, the Centre is also aware that certain glitches were being faced in implementation, and corrective measures are being taken, another official added.

“We are going to counter the Opposition hands on,” said a Minister, adding that “there is enough cash to meet the requirement, all concerns are manageable and the public need not panic”.

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Published on November 14, 2016
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