New Delhi: With India trudging through one of the world’s most controversial and largest currency overhaul since independence, small businesses and the common people are straining themselves to swing to the rhythm of Prime Minister Narendra Modi’s black money drum-beating.
With so much scrutiny being directed towards Prime Minister Modi, the limelight has been advertently shifted towards Reserve Bank of India Governor Urjit Patel. The newly-appointed RBI chief has spoken only once since the NDA government declared invalid the Rs 500 and Rs 1000 note.
The Supreme Court has warned the Centre that the cash crunch might incite riots from the people. Furthermore, an eminent bank union has also called for resignation from Urjit Patel.
“Generally, measures of this sort are carefully planned well in advance, and the public is given plenty of time in advance to adjust. It is generally to be expected, and is typically the case, that the actual issuer of the currency, the central bank, plays the leading, if not the sole, role in these matters,” NDTV quoted Robert Hockett, advisor to the New York Federal Reserves, as saying.
People on micro-blogging site Twitter also tweeted about the RBI Governor’s absence during these ‘tough times’.
— Seema (@seemach_11) November 23, 2016
— sandip sabharwal (@sandipsabharwal) November 23, 2016
Former RBI Governor Raghuram Rajan also had his reserves about the current demonetisation move. However, before the move could be implemented, the RBI chief resigned from his post to be replaced by Urjit Patel.