Chidambaram taunts PM, says with demonetisation ending restrictions should be removed

Former finance minister and senior Congress leader P. Chidambaram on Friday took a jibe at Prime Minister Narendra Modi, saying since 50 days of the demonetisation drive are over, all restrictions should be removed and normalcy should be restored.

"It is fair to expect that there will be no queues outside bank branches and ATMs. It is fair to expect that all ATMs will be open round the clock and fully stocked with currency notes. It is fair to expect that the bank branch will pay out the money written on the cheque and not direct the drawer to write another cheque for a smaller amount," Chidambaram said while addressing media here.

 

Chidambaram sarcastically said that only the Prime Minister can provide an assurance on the removal of restrictions after 50 days of demonetisation as the opposition has been dubbed as supporters of black money hoarders and tax evaders by him.

"I wish I could hold out assurances on the matter (demonetisation), but none of us in the opposition can, because the government has dubbed all of us in the opposition as supporters of black money hoarders and tax evaders," he said.

Condemning the government for implementing a currency ban without prior planning, Chidambaram reiterated his opinion of demonetisation being a case of total mismanagement.

"I had also cautioned that the test of demonetisation lies in the manner in which it will be implemented. It is now abundantly clear that the whole exercise was undertaken without forethought and planning; without consulting key officials; without understanding the crucial role of money in circulation. Altogether, the whole exercise has been a case of total mismanagement, administrative collapse and widespread corruption," he said.

Pointing towards government's changing stand on the announcement, Chidambaram called it an absurd and undesirable goal.

"The government has tried to change the narrative from black money and corruption to a cashless economy. No economy can become -- or has become - totally cashless. We support encouraging high-value transactions to adopt the digital mode, but to insist that even low-value transactions should go cashless is an absurd and undesirable goal," he said.

The minister also put forward his two demands and urged the Reserve Bank of India (RBI) to make it public-

1. The Agenda note and the minutes of the meeting of the Board of Directors of RBI held on November 8, 2016; and

2. The Note for Cabinet on demonetisation placed before the Cabinet on November 8, 2016.

Prime Minister Modi is all set to address the nation on New Year's Eve regarding the same issue of demonetisation, which marked its 50 days today.