Chidambaram: It is Demonisation of cash, not currency demonetisation

P Chidambaram
P Chidambaram, File Photo

Delhi, 17 Nov: Former Finance Minister and parliamentarian veteran P Chidambaram has sharply criticised the Modi-led central government’s demonetisation drive to curtail black money and calling it as a mere ‘demonisation.

“This is simply an exchange of old notes for new and not demonetization,” said Chidambaram.

On November 8 Prime Minster Modi announced complete currency ban of Rs 500 and Rs 1000 from Indian economy and made India a cashless economy without a prior notice. The opposition parties have united to attack center over demonetisation in the ongoing Winter Session of Parliament.

Chidambaram also said the present government’s intent to cease black money in Indian economy is a good one and he also supports the cause, but not the way it is being implemented.

He said, “I support the objective, not the method. I’m pretty sure in my mind that the Chief Economic Adviser was not consulted.”

Chidambaram also said “anything that is opportunist and adventurist” is not favorable. The world is changed… it is more difficult to do demonetization, said Chidambaram adding this move has added utter misery for common man.

The former Finance Minister also said that ex governor of RBI, Raghuram Rajan would have not have agreed to demonetization like this.

 Wefornews Bureau

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