PM Modi has informed the BJP leaders in a meeting today that Wanchoo committee has recommended demonetization, but the then Prime Minister Indira Gandhi had refused to accept it! PM has revealed this sensitive information when the opposition is leveling false allegations against him.
In 1971, the Wanchoo Committee had submitted an interim report in which it had recommended, among other reforms, the demonetisation of high-value currency notes. Y B Chavan was then finance minister. Retired civil servant, Madhav Godbole, in his book Unfinished Innings: Recollections and Reflections of a Civil Servant book tells us that after many deliberations over the matter, demonetisation was accepted along with other reforms suggested by the committee.
Chavan went to meet Indira. And this is what he told Godbole about his meeting with Indira on the issue.
When Y.B. Chavan told Indira Gandhi about the proposal for demonetization and his view that it should be accepted and implemented forthwith, she asked Chavan only one question: “Chavanji, are no more elections to be fought by the Congress Party?” Chavan got the message and the recommendation was shelved.
This anecdote also busts the narrative that Modi is similar to Indira. Hundreds of pages can be written about how radically different the two leaders are in every sense. Perhaps, a whole book is waiting to be written. But, for now, this one anecdote will suffice.
Narendra Modi has the courage to go forward with such a sensitive and revolutionary reform. No other leader in this country has the capacity to act like this. Shrewd economists, congress and left intellectuals do not have the brain or mental acumen to understand the long lasting positive results of demonetization. Either they are ignorant or blinded by the hatred for Modi