Demonetisation an ill-conceived, mis-implemented strategy: Shashi Tharoor

Tharoor also criticised the authorities concerned with lack of planning in printing the same size notes that had been withdrawn to suit existing ATMs. The cash crunch due to currency replacement has caused ‘immense suffering’ to the common man and affected various sectors, including micro enterprises that contribute nearly 45 per cent to the GDP, the Congress MP from Thiruvananthapuram said.

One major fallout of the currency replacement was that foreign investors had withdrawn billions of dollars during post demonetisation, he said. He also questioned Modi’s claim that demonetisation would end black money, saying “the source of black money generation will remain. It will be generated in new notes also,” he said.