Demonetisation helped some people with black money turn into white: P Chidambaram

The former Finance Minister, P Chidambaram said that none of the objectives spelt out by the Prime Minister while rolling out the demonetisation drive had been achieved.

By: Express News Service | Mumbai | Published: October 29, 2017 1:17 am
P Chidambaram, Jammu and Kashmir, kashmir, Jammu and Kashmir unrest, kashmir unrest, azadi, autonomy, J&K, J&K autonomy, J&K azadi, india news, indian express news Senior Congress leader P Chidambaram.

In the run-up to the Assembly polls in Gujarat, the Congress on Saturday dubbed Prime Minister Narendra Modi’s demonetisation initiative as “India’s biggest scam”. Mounting an all-out offensive against the PM, former finance minister P Chidambaram claimed that the “demonetisation was nothing but a scheme to help some people who had black money convert it into white.”

Chidambaram, who was speaking at a public interaction organised by Mumbai Youth Congress further termed demonetisation as the “biggest man-made disaster to hit the country; worse than the 2004 Tsunami tragedy.”

Reiterating that the India’s GDP had dropped a total 2.7 percentage points in six consecutive quarters since Modi had rolled out demonetisation, he said, “between demonetisation and the GST, they (the Modi government) has derailed the country’s economy.”

Reaching out to the youth, Chidambaram further stated that the economic disruption had adversely hit the job market. “In the last 12 months alone, the country’s formal sector has lost 15 lakh jobs. The informal sector, too, has lost millions of jobs. Nobody is hiring these days,” he said, adding, “jobless growth is a ticking time bomb.”

Chidambaram said that none of the objectives spelt out by the Prime Minister while rolling out the demonetisation drive had been achieved.

He also accused the government of giving the “GST a bad name.” He said, “This is not the GST that the Congress first spoke about. The GST is a good tax, but they (the Modi government) have given it a bad name. We are calling it the Gabbar Singh’s Tax.”

Reminding the audience that the Congress under former Prime Minister Manmohan Singh charted India’s positive growth story in the post liberalisation era, Chidambaram said, “there is a need to put the economy back on track. And it is in you who will decide who can do this.”

On being asked why the World Bank and IMF chief’s had not been critical of Modi’s demonetisation, the former finance minister said they have never criticised member nations. “They will make soothing statements. You should not take these seriously.”

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  1. K
    K Mundanad
    Oct 30, 2017 at 1:32 pm
    The objectives of demonetisation (launched on November 8, 2016) were to combat: (1) black money, (2) fake currency, (3) corruption and (4) stop use of black money for terrorist activities. As per reports available in the public domain, these four vices are still alive despite introduction of new ₹500 and ₹2,000 notes. Nothing much was achieved by a sudden announcement, on a ‘fine night’ (irony intended). Those having tonnes of black money could get them replaced, for a small price, by money changers. In contrast, the common man has suffered the most, being caught unawares, with worthless papers in his hand.
    1. Vinod kumar singh
      Oct 30, 2017 at 5:17 am
      If Mr Chidambaram has specific knowledge, he should intimate concerned persons and follow it up if they do not act in Supreme Court. It is not clear why he is issuing general statements instead of being specific. He must remember he is a Advocate too and a PIL by him is filed at almost no cost.
      1. P
        Oct 29, 2017 at 9:04 pm
        So how does Chidambaram know this? It seems like he has personal knowledge and if the does , it is his duty as a citizen to inform the enforcement authorities that this happened. It maybe that it is the UPA which managed to convert its black money into white, and that would make him even more culpable.
        1. S
          Oct 29, 2017 at 8:48 pm
          Explain how the huge amounts of black money waas generated in the first place and under whose rule... Unless the author is claiming that all the black money got generated in the last three years! LOL
          1. S
            Shafted mohammed
            Oct 29, 2017 at 8:26 pm
            Chidu tum kamina aur chor ho yeh to malum tha par deshdrohi ho yeh Bhi Pata lag Gaya.
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