On Sunday, the Congress leader and former Union Minister P. Chidambaram said that demonetisation of the old high value notes of Rs. 500 and Rs. 1000 was just remonetisation as the move failed to bring out Black money. Speaking at the Telangana Pradesh Congress Committe (TPCC) meeting he said that every single rupee of the demonetised Rs. 15.44 lakh crores is back with the RBI and the Centre failed to achieve their main purpose of withdrawal of the Rs. 500 and Rs.1000 notes from the system. He also said that the process, which is a failure is ‘notebadili’ and not ‘notebandi.’
All the money that was withdrawn is now back in circulation in the form of new currency. Chidambaram suggested the Prime Minister Narendra Modi led government should have consulted ‘RSS pracharak’ as they have failed to take advice from those that have expertise in these topics. Chidambaram said “We had Raghuram Rajan as RBI governor for three years. He did not think demonetization was the answer. But new RBI governor Urjit Patel had agreed to Demonetization just 64 days after assuming the office.”
He also said that many governors from the RBI have also found fault with the move made by the government in regard to demonetizing the Rs.500 and Rs.1000, which the government should rectify in the budget session.
