Suggested demonetisation back in 2009: NITI Aayog VC

NITI Aayog VC, Rajiv Kumar, on Wednesday said that he suggested demonetisation to the Congress led United Progressive Alliance (UPA) government back in 2009, when he was a member of the National Security Advisory Board.

Talking exclusively to ANI, Kumar said, "I suggested demonetisation to the government back in 2009 when I was a member of the National Advisory Board. My belief was that until we take a huge step, corruption won't come down. And this is why I supported and welcomed the government's decision (of demonetisation) even one year ago when I wasn't a part of the NITI Aayog."

Lauding Modi government's decision to strip Rs. 1000 as legal tender and replace the old Rs. 500 rupee note with a new note one year ago, Kumar said that demonetisation was an extremely brave step.

"The purpose of demonetisation was to eliminate black money and reduce corruption. I believe that it has been fulfilled to a great extent and work is still in progress," Kumar added.

"Further, the cash to Gross Domestic Product (GDP) ratio has come down from 12.4 percent to 10.8 percent. We are slowly transitioning towards a digital economy," concluded Kumar.