P Chidamabaram lashes out over demonetisation after RBI report; says India lost massive Rs 2.25 lakh crore

By: | Updated: August 29, 2018 2:17 PM

In a series of tweets, P Chidambaram said that Indian economy lost Rs 2.25 lakh crore a year while the Narendra Modi government and the RBI demonetised on Rs 13,000 crore notes as against tall claims made earlier.

P Chidamabaram lashes out over demonetisation after RBI report; says India lost massive Rs 2.25 lakh croreP Chidamabaram lashes out over demonetisation after RBI report; says India lost massive Rs 2.25 lakh crore. (Image: PTI)

Following the Reserve Bank of India (RBI) annual report, which showed that demonetised notes worth Rs 15,310.73 billion, or over 99% of total banned currency came back into the system, former finance minister and Congress leader P Chidambaram lashed out over the decision to announce demonetisation.

In a series of tweets, P Chidambaram said that Indian economy lost Rs 2.25 lakh crore a year while the Narendra Modi government and the RBI demonetised on Rs 13,000 crore notes as against tall claims made earlier.

“Every rupee of the Rs 15.42 lakh crore (barring a small sum of Ra 13,000 crore) has come back to the RBI. Remember who had said that Rs 3 lakh crore will not come back and that will be a gain for the government!?” P Chidamabaram said in a tweet.

Hitting out at both the Narendra Modi government and the central bank, P Chidambaram said, “So, government and RBI actually demonetised only Rs 13,000 crore and the country paid a huge price,” he added.

Prime Minister Narendra Modi had announced demonetisation of Rs 500 and Rs 1,000 currency notes on November 8, 2016. Nearly after two years, the RBI completed the tasks of processing and verifying banned currency notes, its annual report showed.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition