101st Day Of Lockdown

Maharashtra1866261011728178 Tamil Nadu98392560211321 Delhi92175630072864 Gujarat33999246011887 Uttar Pradesh2482517221735 West Bengal1981913037699 Rajasthan1878515043435 Telangana185709069275 Karnataka180168336272 Andhra Pradesh169347632206 Haryana1550911019251 Madhya Pradesh1410610815589 Bihar10914799478 Assam8956583212 Jammu and Kashmir76954856105 Odisha7316535333 Punjab56683989149 Kerala4594243626 Uttarakhand2791190937 Chhatisgarh2339193713 Jharkhand2339160512 Tripura140110931 Manipur12605790 Goa11984783 Himachal Pradesh9796179 Puducherry73930112 Nagaland5351820 Chandigarh4463676 Arunachal Pradesh182601 Mizoram1601230 Sikkim88490 Meghalaya50421
Business Economy 30 Aug 2017 Shame on RBI that re ...

Shame on RBI that recommended demonetisation: Chidambaram

DECCAN CHRONICLE.
Published Aug 30, 2017, 6:56 pm IST
Updated Aug 30, 2017, 6:59 pm IST
Former Finance Minister says note ban was a scheme to convert black money into white.
Former Finance Minister P Chidambaram (Photo: PTI)
 Former Finance Minister P Chidambaram (Photo: PTI)

Mumbai: Former Finance Minister and senior Congress leader P Chidambaram on Wednesday lambasted the decision of demonetisation made by the Reserve Bank of India on November 8 last year.

Chidambaram blamed the central bank for loss of 1 per cent of total currency in circulation before demonetisation. According to what Chidambaram is saying, the country has lost around Rs 16,000 crore worth of currency notes or money of the same amount due to demonetisation.

 

An angry sounding Chidambaram 'vent' his thought saying it was shameful on RBI's part for undertaking such a loss incurring exercise, "With 1 per cent demonetised notes not returning back, shame on RBI which had recommended demonetisation," he said.

The scrapped Rs 1,000 and Rs 500 currency notes formed more than 86 per cent or around Rs 16 lakh crore worth of total currency in circulation at the time of demonetisation. It caused chaos in country and threw people in long queues outside banks and ATM machine booths. 

Chidamabaram while referring to remonetisation claims that 99 per cent notes were legally exchanged. "If demonetisation was a scheme designed to convert black money into white," he asks.

...




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT