Did RBI directors know about enormity of demonetisation asks P Chidambaram

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New Delhi, Nov 19: The former finance minister and senior Congress leader P Chidambaram attacked the top officials of Reserve Bank of India (RBI) over demonetisation.

The politician raised doubts over whether the government informed RBI officials before announcing the major economic decision.

Currency Notes

In an interview to CNN-News 18, Chidambaram said, "We want to know whether RBI officials were told that demonetisation had to be done. If they were told, did they question? We need to know all this. Did the RBI directors know about the enormity of the decision, I doubt if they knew about this,"

[Also Read: Demonetisation: Northeast India worst affected; business slumps by 25 per cent, says industry body]

On November 8, Prime Minister Narendra Modi announced scrapping of Rs500 and Rs 1,000 currency notes to fight against black money, counterfeit currencies and terror funding.

"Merely by demonetisation one cannot get rid of black money," Chidambaram said.

"There is no way out of this crisis and we have to bear the consequences...The Government is making kneejerk reactions, rather than thinking through about the impact," he added.

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