Former RBI Governor Raghuram Rajan said he informed the NDA government that demonetisation was not a good decision. He made these remarks while delivering a lecture at Harvard Kennedy School in the US. Rajan condemned the rumours of RBI not speaking to Prime Minister Narendra Modi prior to the announcement of demonetisation. Former RBI Governor criticised the BJP-led NDA government for not effectively implementing demonetisation. Rajan pointed out that the Modi government should have kept equivalent new currency ready before the announcement of demonetisation.