Ex RBI governor, Raghu Ram Rajan made some interesting revelations about the note ban idea implemented by the BJP government. Raghu Ram stated that he suggested the central government not to implement the decision.
He stated that a decision of such huge scale needed proper planning and solid groundwork. When you are banning 87% of the currency in circulation, you should be pinpoint perfect and cannot take anything lightly, said the RBI governor.
Raghu Ram added that expecting the wealthy community to be scared of a not-so-well planned idea is nothing but lack of rational thinking. He added that even GST implementation could have been performed better, had it been planned much prior.
All in all, the RBI governor meant that 2 of the biggest implementations from the Modi government were not executed well.