Rs 3-4 lakh crore of black money converted to white: Chidambaram

chidambaram

New Delhi, Aug 31: Senior Congress leader P Chidambaram on Friday attacked the Narendra Modi- led central government over demonetisation after the Reserve Bank of India in its annual report (2017-18) said 99.30 per cent of the old 500 and 1,000 currency notes are back to the financial system.

Speaking to ANI Chidambaram said that logical conclusion was that 3-4 lakh crore of black money has been converted to white.

“If all the currency notes have been exchanged then obviously a significant portion of black money stock in the country has been exchanged. Govt had claimed that 3-4 lakh crore will not return to the RBI and that will be the black money stock”, he added.

Hitting out at the Centre, Former Union Minister stated “If all has come back to RBI then the logical conclusion is 3-4 lakh crore of black money has been converted to white. So there is a suspicion infact it’s a charge that you devised this demonetisation only to enable people with black money to convert into white”.

Continuing his attack on the Modi government, Chidambaram said: “In fact, many of us think that Finance Minister was not taken into confidence when Demonetisation was announced”.

On NITI Aayog Vice-Chairman Rajiv Kumar’s statement that “Demonetisation helped reduce cash transactions”, the Congress stated “Cash in hands of people is almost 1.4% more then what it was on November 8, 2016.

Why are people holding cash?, he asked adding People are less confident in putting cash in banks and more comfortable in keeping cash at home.

Around two years after demonetisation, the Reserve bank of India (RBI) completed the tasks of processing and verifying of the old Rs 500, 1000 currency notes.

The central bank in its annual report for 2017-18 revealed that 99.30 per cent of demonetised notes are returned to the system.

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