Former Finance Minister P Chidambaram on Wednesday said that demonetistion was an utter failure with 99 per cent of money coming back into the RBI. Calling it a Rs shame on RBI’ he also questioned the Narendra Modi Government whether its demonetisation decision was designed to convert black money into white.
The former FM also pointed out that 104 innocent lives were lost during the exercise and demanded an apology from the Prime Minister. “99 per cent notes legally exchanged! Was demonetisation a scheme designed to convert black money into whiteIJ,” Chidambaram said on Twitter.
He also said that the economists behind the demonetisation move Rs deserve Nobel prize' as the RBI gained Rs 16,000 crore, but lost Rs 21,000 crore in printing new notes. “Rs 16000 crore out of demonetised notes of Rs 1,544,000 crore did not come back to RBI. That is 1 per cent. Shame on the RBI which 'recommended' demonetisation. RBI 'gained' Rs 16,000 crore, but 'lost' Rs 21,000 crore in printing new notes! The economists deserve Nobel Prize,” he said in a series of tweets.
All but 1.4 per cent of the old Rs 1,000 notes have come back into the banking system post demonetisation, the RBI said in its annual report for 2016-17. Out of 632.6 crore pieces of Rs 1,000 currency notes in circulation, 8.9 crore have not been returned post the note ban last November, it said.
Congress chief spokesman Randeep Surjewala said demonetisation was 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.
“Utterly failed #Demonetisation is nothing but a disaster in which 104 innocent people were killed while 'Corrupt' made 'Windfall Gains'. Demonetisation Scam,not only dented institutional sanctity of RBI,but also credibility of India abroad.PM should apologise to the nation,” he said in a series of tweets.
He also said, “Rewind: Modiji's obfuscation exposed once again. On Ind. Day, PM claimed to have unearthed Rs 3 lakh crore black money post demonetisation.”
The reality, he said, is that the RBI data released today proves only Rs 16,000 crore out of the 15.44 lakh crore money in circulation came back and of this, Rs 9,000 crore is still stuck. “Perspective: This Rs 16,000 crore is just 1 pc of the total notes demonetised,” he said.
In another tweet, Surjewala said, “Dr Manmohan Singh predicted that #Demonetisation will reduce GDP by 2 per cent and it did. Only the Economy suffered due to this massive folly!”
