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  1. Demonetisation: P Chidambaram lauds ex-RBI governor Reddy, employees and Bharatiya Mazdoor Sangh for raising questions

Demonetisation: P Chidambaram lauds ex-RBI governor Reddy, employees and Bharatiya Mazdoor Sangh for raising questions

Former Finance Minister P Chidambaram, today, lauded former Reserve Bank of India (RBI) Governor, V Venugopal Reddy, RBI employees and the Bharatiya Mazdoor Sangh (BMS) for raising questions on the note-ban issue.

By: | New Delhi | Updated: January 14, 2017 10:07 PM
Chidambaram welcomed the voices of Reddy and BMS against demonetisation. (PTI) Chidambaram welcomed the voices of Reddy and BMS against demonetisation. (PTI)

Continuing its protest against the demonetisation policy, former Finance Minister P Chidambaram, today, lauded former Reserve Bank of India (RBI) Governor, Y Venugopal Reddy, RBI employees and the Bharatiya Mazdoor Sangh (BMS) for raising questions on the note-ban issue. Stating that the ex-RBI governor would have advised against the implementation of the demonetisation policy and would have resigned if his advise had been over-ruled, the senior Congress leader welcomed the voices of Reddy and BMS against demonetisation.

Over a series of tweets, lauding the voices against demonetisation, Chidambaram said, “Is a Joint Secretary running RBI? Employees Union protests government interference. Bravo! Ex-RBI Governor Reddy would have advised against demonetisation. If overruled, he would have resigned. Bravo! BMS supported demonetisation. Now it has discovered cash shortages, job loss, retrenchment, farmers’ distress. Adding to the voices against demonetisation are ex-RBI Governor Reddy and BMS. Welcome!”

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Political intervention and not taking the Reserve Bank of India (RBI) into confidence by the Centre, while announcing its decision to demonetise currency notes, were some of the prime issues raised by the protesting RBI employees on Saturday. Speaking to ANI, Suryakant Mahadik, RBI employee’s Union Leader, said the Centre’s decision to appoint a Joint Secretary and by-passing Governor Urjit Patel to oversee the entire demonetisation process hampered the function of the Central bank.

“We are not against the Centre’s decision for demonetisation per se, but they did not take the RBI into confidence before doing so. Had the RBI Governor, Deputy Governor, and the Executive Director of the RBI been taken into confidence than the present crisis that we are witnessing at the village right now, wouldn’t have taken place,” he said.

(With inputs from agencies)

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