Ramdev slams demonetisation implementation, alleges a big scam

Baba Ramdev’s comments alleging that a massive scam worth ₹3- to 5-lakh crores would emerge from the demonetisation exercise, follow several reports of unease in the BJP over impact of demonetisation

Photo by Arvind Yadav/Hindustan Times via Getty Images
Photo by Arvind Yadav/Hindustan Times via Getty Images

NH Political Bureau

Yoga guru Baba Ramdev, head of the Patanjali FMCG empire and one of the most vociferous proponents of demonetisation of high value currency notes, today attacked the implementation of demonetisation, alleging that anywhere between a ₹3- to 5-lakh crore size scam would emerge from the exercise. Ramdev was speaking to TheQuint.com at a Dainik Bhaskar event in Jaipur today.


Ramdev appeared to point fingers for this alleged scam on rotten elements within the banking system, alleging that some bankers had made possibly not hundreds but thousands of crores post-demonetisation. Ramdev also cast doubts on the role of “some people” in the Reserve Bank of India, which he said would raise very serious questions about our system. He specifically wondered whether notes of the same serial number were printed, adding that if even two notes bearing the same serial number were to be found, it would be a huge blot on the economy.

The yoga guru’s comments have come close on the heels of several reports of unease within BJP ranks on the impact of the shock decision by the BJP-led NDA government to demonetise ₹500 and ₹1,000 notes on November 8. Ever since, people all over the country have been dealing with a cash crunch, as banks awaiting fresh supply of notes ration cash withdrawals and most ATMs remain closed.

“Cash supply ki kami nahi thi. Cash saara ka saara beimaan log ko de diya gaya. Implementation mein kuch cheezon ko sudhara ja sakta tha. Mujhe aise lagta hai ki yeh jo banking wala ka prashn hai, Modiji ne bhi itna nahi socha hoga shayad, ki beimaan niklenge bank wale. Aur shak RBI ke bhi kuch logon par ho raha hai.” [There was no shortage in cash supply. It was all given to dishonest people. Some things could have been better in implementation. On the question of bankers, I think Modiji even had not anticipated that bankers would be dishonest. There is suspicion on role of some people in RBI also.]
Baba Ramdev


The Indian Express reported today that BJP MPs from eastern Uttar Pradesh told party president Amit Shah at a meeting for feedback on the government’s demonetisation move, that the BJP’s “electoral prospects in the state could be affected if the cash crunch is not resolved by mid-January.” The newspaper quoted one of the MPs attending the meet as saying “Almost everyone who spoke said note bandi is turning out to be a bad message for the party’s electoral prospects. People will soon lose patience if normalcy is not restored by ensuring availability of currency notes in banks”.

On Thursday, the Hindustan Times reported that the RSS and more than two dozen BJP MPs from Uttar Pradesh “have warned the party leadership of growing public discontent over the acute cash crunch which they said could harm the party’s prospects in next year’s assembly polls”.

Also on Thursday, Scroll.in reported that at an election strategy meeting of BJP’s national office-bearers on December 13, party president Amit Shah “failed to control his temper” when several office-bearers “expressed their misgivings and described the negative fallout of the government’s decision on November 8 to withdraw high value-currency notes”. The report quoted a BJP general secretary who was present at the meeting as saying “What in particular made him [Shah] very upset was the view of some of the participants that party might not have faced such a serious crisis had Modiji gone for wider consultations before taking the decision.”

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Published: 16 Dec 2016, 1:56 PM