Prime Minister Narendra Modi’s historic decision to demonetise Rs 500 and Rs 1000 currency involved a mammoth exercise. The outcome proves that maintaining secrecy is the key to success. You will be surprised to know that even Finance Minister Arun Jaitley’s better half Sangeeta Jaitley did not have any clue about the move. She like any other citizen of the country came to know about it when PM Modi made the announcement on television.
Reports said that the step by the Modi government has been mooted on various occasions and was only shaped up in the last week of October. It was in a pre-Diwali meeting in the last week of October when market regulator SEBI, economic affairs secretary and finance secretary gave presentations to the Finance Minister on the scheme’s analysis. Following the meeting, the Finance Minister spent a long time at the PMO office to plug possible loopholes and outline the final details. Notably, Economic Affairs Secretary Shaktikanta Das who was entrusted with the crucial responsibility to face media.
Prime Minister Narendra Modi on November 8 had announced one of the most debated reforms in Indian economy. The government has rendered all old Rs 500 and Rs 1000 notes worthless, and a massive exercise is underway to replace the legitimate currency of people with legal tender money.