Finance minister Arun Jaitley made the announcement in a Facebook post where he praised Hasmukh Adhia, who oversaw demonetisation and GST rollout.
New Delhi: Finance secretary Hasmukh Adhia is set to retire on 30 November after deciding not to seek an extension, finance minister Arun Jaitley wrote in his blog Saturday.
“The government wanted to use his capability and experience in some alternate [sic] capacity,” Jaitley wrote. “He had informed me earlier this year that he would not work for a single day after the 30th of November 2018. His time thereafter belongs to his favourite passion [spirituality and yoga] and, of course, his son,” he added.
Adhia, along with 15th Finance Commission member and former economic affairs secretary Shaktikanta Das and financial services secretary Anjuly Chib Duggal, spearheaded the demonetisation exercise. He was also instrumental in rolling out the goods and services tax (GST).
Also read : Hasmukh Adhia a no-nonsense officer with impeccable integrity: Arun Jaitley
“Dr Adhia’s tenure saw an exponential increase in tax base and the tax realisations…” Jaitley wrote in his blog, “The follow-up after demonetisation in detecting the large cash depositors and making them accountable was no mean challenge.”
Sources said Adhia, a Gujarat-cadre officer who always enjoyed Prime Minister Narendra Modi’s trust and confidence, had taken great offence after senior BJP leader Subramanian Swamy levelled corruption charges against him and said he had helped bank fraud-accused diamond merchant Nirav Modi flee the country.
“He is not keen to stay on here in Delhi, he wants to go back to Ahmedabad,” said a source in the finance ministry. “It is unfortunate that such charges have been made against him.”
Eyebrows were raised when Adhia was not made cabinet secretary earlier this year, with the Centre instead extending incumbent P.K. Sinha’s tenure by a year.
‘Natural for him to be disappointed’
After he proceeded on 16 days’ leave from 5 May, just after holding the 27th GST Council meeting, there were murmurs that Adhia was unhappy with the decision. During the break, Adhia was at a meditation and yoga centre run by Swami Visharadanand in Mysuru.
“It was natural for Adhia to be disappointed as he was tipped to be the cabinet secretary,” the official said.
The official added, though, that Adhia would be given a plum post in case the NDA returns to power at the Centre next year, adding that demonetisation was a mammoth task for the finance ministry brass to handle.
However, Das, who retired in 2017, was given an extension but, contrary to popular belief, did not get any exceptionally rewarding posting after his exit from the finance ministry.
Soon after the NDA government came to power in 2014, Adhia was appointed the secretary for financial services. He rolled out the seven-point reform programme – Indradhanush — for the ailing public sector banks, and was subsequently made the revenue secretary.