1. ‘No cash in Banks’: P Chidambaram throws ‘all is well’ jibe on Narendra Modi govt

‘No cash in Banks’: P Chidambaram throws ‘all is well’ jibe on Narendra Modi govt

Former Union Finance Minister P Chidambaram on Monday on Tuesday took a dig at Narendra Modi government over the much-debated move of demonetising Rs 500 and Rs 1000 currency notes.

By: | New Delhi | Published: November 29, 2016 5:41 PM
Former Union Finance Minister P Chidambaram on Monday on Tuesday took a dig at Narendra Modi government over the much debated move of demonetising Rs 500 and Rs 1000 currency notes. (PTI) Former Union Finance Minister P Chidambaram on Monday on Tuesday took a dig at Narendra Modi government over the much-debated move of demonetising Rs 500 and Rs 1000 currency notes. (PTI)

Former Union Finance Minister P Chidambaram on Monday on Tuesday took a dig at Narendra Modi government over the much-debated move of demonetising Rs 500 and Rs 1000 currency notes. As the people across the country continue to face the cash crunch, Chidambaram said, “Bank branches don’t have enough cash today too. Come back tomorrow is the refrain. Govt says all is well.” Chidambaram has been flaying the impromptu implementation of demonetisation. “Immediate fear may dent black money for some time, but it won’t curb the unaccounted currency because despite the ban on high denomination notes the sectors that generate unaccounted transactions are free to do it,” he had said.

Earlier, he had said, “Both black and white economies co-exist in all countries across the world. Though it is not a good thing but you can’t avoid it and in India, it will co-exist because several transactions happen only in cash. For instance, agriculture income in cash legitimates but not taxed, temple income legitimates but not taxed and same happens with organisation like NGOs’ funding legitimates but not taxed. So, you can’t avoid it.” Saying demonetisation has been badly implemented, he said, “No major economy in the world in last 50 years has taken this kind of so-called demonetisation.”

He also said that had he been the present FM, he would have never undertaken ‘demonetisation’ exercise like this. “I would have stopped printing Rs 1000 notes, immediately and phased out Rs 500 notes over 2 years. No major economy in the world has undertaken this kind of demonetisation in 50 years.” “I would have introduced a banking cash transaction tax to keep a trail and would have made high value transactions only by cheque, and not cash,” he said.

Chidambaram said had he been the Finance Minister, he would have resigned from the post if the Prime Minister insisted on demonetisation. “Had the Prime Minister told me ‘I have decided to declare as illegal tenders Rs 1,000 and Rs 500 currency notes’, my advice to him would have been not to do it. Don’t take the decision. “I would have given him facts and figures. But, had he still said ‘Sorry, this is my decision and I will do it’, let me tell you quite candidly, I would have resigned,” said the former Union finance minister.

  1. A
    apv
    Nov 29, 2016 at 12:44 pm
    You and your entire team were cosying up with corruption and ruining India which includes your son. Dont give your stupid lecture Chidu - you will be remembered as a core team member who presided over corruption under your presiding officer Manu. Now let us learn, unlearn and re-learn the demonetisation under Mr. Modi. Further, you have failed to grab the mood of the Nation. This is shamelessness at its peak !
    Reply
    1. B
      bmniac
      Nov 29, 2016 at 2:21 pm
      Mr PC your record is unutterably shameful. Consider retiring in public interest Mr Recount Minister!
      Reply
      1. N
        nanjappa
        Nov 30, 2016 at 5:49 am
        Very impressed. Quite right.
        Reply
        1. C
          CHANAKYA
          Nov 29, 2016 at 2:10 pm
          VERY EASY TO TALK THROUGH THE AIR...............hollow empty verbosity.............. all talk and no action was what we saw.................dians today are labouring under hundreds of different taxes- all because this expert introduced them.................and in teh process derailed the economy............... no one has the qualification to criticse the bold reforms of the present government - if they do it is out of plain envy.
          Reply
          1. Amit Kumar
            Nov 29, 2016 at 1:03 pm
            Banks have no cash since only 10% of the 15 lakh crore withdrawn on Nov 8 has been in circulation until now. That is, 90% of 85% of Indian currency is not in the system, only 15 8.5=23.5% is. The economy is like a person whose more than 75% blood has been removed.
            Reply
            1. R
              Rajkiran
              Nov 29, 2016 at 2:07 pm
              P Chidambaram is right ... Today 29th of November, 2016 visited 10 ATMs and three banks. Like water, water every where not a drop to drink, the Modi government has made "Bank branches, branches, ATMs, ATMs everywhere, but not a single note of money ".... SHAMEFUL is an understatement to how this exercise has been managed by the government and APPALLING / ATROCIOUS are the words that can be used to describe the way they are defending this fiasco ...
              Reply
              1. Rohit Chandavarker
                Nov 30, 2016 at 6:14 am
                Pity the noise makers! One wonders how much loss they have had to bear.The more the noise the more the loss!
                Reply
                1. S
                  Sudhir Naik
                  Nov 29, 2016 at 12:27 pm
                  Bleady rogue. Zero loss . Loose pants and goon.
                  Reply
                  1. V
                    vijay c
                    Nov 29, 2016 at 12:38 pm
                    how many bank Mr. Chidambaram surve? This has become mantra for politician to say general sentence and reporter to report the same general sentence!! This is not just demonetization at stake, We are starting new chapter or change..never take "NO" as an answer from this politician...negativisim is in their blood
                    Reply
                    1. Load More Comments

                    Go to Top