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Chidambaram tears into RBI, says ‘shame' on it for recommending demonetisation

By Vikas
|

Former finance minister P Chidambaram lashed out at the Reserve Bank of India over the demonetisation and said "Shame on RBI" for recommending it.

In a series of tweets, he took a dig at the BJP-led government at the Centre and asked whether its demonetisation decision was designed to convert black money into white.

Senior Congress leader and former finance minister P Chidambaram

Senior Congress leader and former finance minister P Chidambaram

"99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?...RBI 'gained' Rs 16000 crore, but 'lost' Rs 21000 crore in printing new notes! The economists deserve Nobel Prize," he tweeted.

"Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation," he said in another tweet.

Randeep Surjewala on demonetisation

Randeep Surjewala on demonetisation

Congress in-charge of communication department Randeep Surjewala said demonetisation is nothing but a "disaster" in which 104 innocent people were killed while 'corrupt' made 'windfall gains'. He also said that the demonetisation scam not only dented institutional sanctity of the RBI, but also credibility of India abroad and demanded an apology from the prime minister.

Congress went all guns blazing at the government over demonetisation

"Demonetisation Scam,not only dented institutional sanctity of RBI,but also credibility of India abroad.PM should apologise to the nation...Dr Manmohan Singh predicted that #Demonetisation will reduce GDP by 2% and it did. Only the Economy suffered due to this massive folly!," Surjewala tweeted.

Surjewala demanded PM Modi's apology

Surjewala demanded Modi's apology over the demonetisation move and said in a tweet, "Utterly failed #Demonetisation is nothing but a disaster in which 104 innocent people were killed while 'Corrupt' made 'Windfall Gains'."

Senior Congress leader Kapil Sibal

Senior Congress leader Kapil Sibal

Sibal took a dig at the government over demonetisation and said in a tweet, "Demonetised black money successfully laundered ! Someone in government should be given Bharat Ratna for this conversion."

The Reserve Bank of India earlier said that out of the 6.7 billion pieces of the Rs 1,000 notes, 89 million pieces never came back.

The data suggests at the end of March 2017, there were Rs 8,925 crore worth of Rs 1,000 notes still in 'circulation'.

[89 million out of 67 billion Rs 1,000 demonetised notes didn't come back to system: RBI]

According to the RBI, "notes in circulation" are all notes held outside Reserve Bank - that is by the public, banks treasuries and so on. Thus, this figure represents the total of all Rs 1,000 notes that were not deposited with the banks after note-bandi starting November 8 last year.

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