If it fails, then I am to blame, PM Modi told cabinet before note ban announcement

Modi handpicked a trusted bureaucrat to implement the decision to withdraw high value currency note out of circulation

If it fails, then I am to blame, PM Modi told cabinet before note ban announcement

Prime Minister Narendra Modi has reportedly taken the complete responsibility of the note ban before announcing the decision on November 8, media report revealed.

Addressing a cabinet meeting shortly before the demonetisation announcement, Modi told a cabinet meeting that he takes the responsibility of the radical move  and he has to be blamed if the decision fails, Reuters reported citing three ministers who attended the meeting.


“I have done all the research and, if it fails, then I am to blame,” Modi said.

Report says that Modi handpicked a trusted bureaucrat, Hasmukh Adhia, to implement the decision to withdraw high value currency note out of circulation, and also selected five others to spearhead the move, along with team of researchers working at Modi’s New Delhi residence.

The 58-year-old Hasmukh Adhia, the current Revenue Secretary, earlier served as principal secretary to Modi from 2003-06 when he was chief minister of Gujarat state, establishing a good relationship.

The Prime Minister also commissioned research from officials at the finance ministry, the central bank and think-tanks on improving his fight against corruption, the news agaency said citing a close aide of Modi.

Modi reportedly sought answers regarding the country’s capacity to print new note, distribute them, and also asked who actually gain out the decision.

Meanwhile, Modi has accepted that he blundered by demonetising Rs 1000 and Rs 500 notes without much thought.

The Prime Minister made this admission to Telangana Chief Minister K. Chandrasekhar Rao (KCR) when the latter met him on November 19.

KCR is said to have told the PM that given such a precarious position in Telangana, the state will not be able to pay its share of taxes and other revenue to the Centre.

Once KCR listed his many grievances, the Prime Minister admitted demonetisation was itself a blunder and that he should have paid much more attention to it before introducing it, said a source who knew about the meeting. Though the Prime Minister said things should improve soon, he asked KCR to support the move at least in public.