This is not demonetisation, former finance minister P Chidambaram explains why

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New Delhi, Nov 14: Former Finance Minister P Chidambaram taking a dig at the government said that scrapping of Rs 500 and Rs 1,000 currency notes is not demonetisation.

Chidambaram added that demonetisation has a special meaning. "It means that the currency note of that denomination will, henceforth, be a scrap of paper! Nothing of that kind happened."

P Chidambaram

In his column--Across the aisle: Old notes for new is not game-changer--the former Finance Minister, wrote, "The government's notification of November 8, 2016, withdrew the "legal tender status" from the notes of the two denominations but made it clear that those "holding these notes can tender them at any office of the Reserve Bank or any bank branch and obtain value thereof by credit to their accounts"."

"So, we can be clear on one thing, there was no demonetisation, and the government's spokespersons would be well advised to avoid that word. The correct way to describe the decision is 'Old notes for new'," he added.

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