“The Finance Ministry should have taken precautionary measures before demonetising Rs 500 and Rs 1,000 notes,” he told reporters in Coimbatore.
“The government had decided to go for demonetisation in 2014 itself and the Finance Ministry ought to have done contingency plans. They have not done any preparation and the Prime Minister had announced (demonetisation), assuming that the things will be a smooth,” he said.
Moreover, the size of new Rs 500 and Rs 2,000 currencies was small to accommodate in the ATMs, which was another reason for the problem, he pointed out.
“Along with demonetisation, the committee headed by me on the issue in 2014 had recommended abolition of income tax, so that the people get relief,” Swamy said.