Would have resigned as Finance Minister if PM insisted on demonetisation: Chidambaram

Criticising the Centre, Chidambaram claimed that sufficient information on the ramifications of demonetisation was not provided to the Prime Minister.

By: PTI | New Delhi | Published:November 27, 2016 9:22 pm
chidambaram, chidambaram demonetisation, demonetisation chidambaram, chidambaram resignation, arun jaitley, modi demonetisation, demonetisation, chidambaram, india news Former Union Finance Minister P Chidambaram added that even the Chief Economic Advisor was not aware of the demonetisation move. (Source: PTI Photo)

Senior Congress leader P Chidambaram on Sunday said had he been the Finance Minister, he would have resigned from the post if the Prime Minister insisted on demonetisation. “Had the Prime Minister told me ‘I have decided to declare as illegal tenders Rs 1,000 and Rs 500 currency notes’, my advice to him would have been not to do it. Don’t take the decision.”

“I would have given him facts and figures. But, had he still said ‘Sorry, this is my decision and I will do it’, let me tell you quite candidly, I would have resigned,” said the former Union finance minister. He was replying to a question at the Delhi Literature Festival on what would he have done had he been in Union Finance Minister Arun Jaitley’s place.

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Attacking the government over demonetisation, Chidambaram claimed that the move will not meet the objectives of curbing corruption, counterfeit currencies and black marketeering as spelt out by Prime Minister Narendra Modi. However, he added that the “only short-term benefits” of it would result in people shifting towards digital transactions in the urban areas.

Criticising the Centre, Chidambaram claimed that sufficient information on the ramifications of demonetisation was not provided to the Prime Minister and added that even the Chief Economic Advisor was not aware of the move. He said when he held the office of the Finance Minister, it came to his knowledge that one of his predecessors had constituted a committee on demonetisation, but did not name the predecessor or specify the period.

Chidambaram has presented nine Union budgets. “The report of the CBDT was against demonetisation. No one considered demonetisation,” he said, adding that similar steps were taken in 1946 and again, in 1978 during Morarji Desai’s regime. Chidambaram said while the demonetisation decision was taken in utmost secrecy, it would be wrong to assume that no one in the opposition could have been taken into confidence.

“If you can’t consult the opposition, the government should have consulted its own former finance minister Yashwant Sinha. It should have asked former prime minister Manmohan Singh. A decision of this magnitude ought to be taken at least (in consultation) with Sinha and Singh,” he said. The Congress leader said although the Prime Minister has asked for 50 days for the situation to ease out, “putting the poor under this for 50 days is torture”.

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  1. I
    indian
    Nov 27, 2016 at 4:52 pm
    Lol. You sold our country and now speak out against anti-corruption
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    1. A
      Anonymous
      Nov 27, 2016 at 6:02 pm
      I think he means if Madam had requested it .
      Reply
      1. C
        Chander Pal
        Nov 28, 2016 at 1:03 am
        Of course we know that, 2g people knew that, karti knew that, Marans knew that. So nothing breaking news that one is.
        Reply
        1. P
          Priyank
          Nov 27, 2016 at 8:33 pm
          Scamgress can't be expected to take such a bold decision which will destroy the hi family's stashed black money. Scamgress ministers are puppets of the hi family just like Manmute singh
          Reply
          1. S
            Spotfun
            Nov 28, 2016 at 1:42 am
            Yes should have resigned when there is corruption in your MP election which is fraud yes you should have when lot of scams are done .bit you felt now coz it hurts you a lot fun to hear.
            Reply
            1. J
              John joseph
              Nov 28, 2016 at 12:36 am
              Chiddu is talking since he arked all his blackmoney in billions in Singapore with his son Karthick. So now he can talk whatvwr he wants ehile his son is a billinaire in sinagapore on tax payers looed money.
              Reply
              1. V
                Vikrant
                Nov 27, 2016 at 5:38 pm
                Ofcourse he would have resigned it would have hurt his and his masters interests. How could a chor have supported it..he would have shared the numbers of money the chor company has which would have made such a move such costly affair for them
                Reply
                1. A
                  ak dev
                  Nov 27, 2016 at 6:57 pm
                  Bechara Chiddu. He seems to have lost a big amount of black cash.
                  Reply
                  1. A
                    ASHOK KUMAR
                    Nov 27, 2016 at 4:27 pm
                    Useless FN, who spoiled the value of Indian currency to ground Zero. Do you have courage to declare your and your family ets in India and abroad.
                    Reply
                    1. A
                      Alok
                      Nov 28, 2016 at 3:43 pm
                      During UPA govt tenure and under you finance minister tenure, there was many scam happed, so why you have not resigned that time ?...Also you and your son involved many corruption and you have enough Black money with you, that is the reason you have worried about this demonetisation decision..
                      Reply
                      1. A
                        Apoorva
                        Nov 27, 2016 at 4:24 pm
                        Wow! So Mr. Chidambram, what were you waiting for when your party was indulging in a plethora of scams?
                        Reply
                        1. A
                          Arun
                          Nov 27, 2016 at 9:41 pm
                          PC Would have resigned as Finance Minister if PM insisted on demonetisation but would not have resigned if insisted by Sonia hi.During UPA Govt all orders used to come to through the Remote Control of Sonia hi.
                          Reply
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                            Arun Maheshwari
                            Nov 27, 2016 at 5:19 pm
                            This thoroughly corrupt politician would have done anything for money and actually did do anything for money and now he is preaching. Fellow has no shame.
                            Reply
                            1. K
                              K. Dutt
                              Nov 28, 2016 at 12:02 am
                              Please advise him that he would never have to make that decision. He is not important enough. Has the corruption case against his family resolved yet? People who are holding his leash will always make sure that he and other sycophants and court jesters like him will have their leashes yanked hard, should they ever aspire to have that level of importance. Under his masters, the looters and black marketeers are supreme. It has been like that for seventy years. Is he suffering from selective loss of memory?
                              Reply
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                                ashok s
                                Nov 28, 2016 at 1:57 am
                                Mr PC is smart , he will fire his amno in last days when house starts discussion on demonetization , and finally jaitly will reply to him . that will end the debate and w episode will go into cold box. After all both ate good friends
                                Reply
                                1. D
                                  Dash
                                  Nov 27, 2016 at 4:15 pm
                                  Shame on this corrupt man. NPA,low GDP growth,policy paralysis.....we have not forgotten how this Chiddu killed Indian growth story along with coal scam accused MMS.
                                  Reply
                                  1. P
                                    PN badri
                                    Nov 28, 2016 at 4:17 pm
                                    JAITLEY is most failure finance minister due to his inept handling cash crunch created by his boss.
                                    Reply
                                    1. B
                                      Balgit
                                      Nov 28, 2016 at 12:18 pm
                                      No difference between Chidambaram and jaitley. Both believe in squeezing the 1% income tax payer.
                                      Reply
                                      1. B
                                        Balasubramanya
                                        Nov 27, 2016 at 4:03 pm
                                        The way PC is criticising the de-monitisation shows that just like any other politicians he might have lost heavily.
                                        Reply
                                        1. S
                                          Satyendra Babu
                                          Nov 27, 2016 at 5:02 pm
                                          everything Pa chi .. has put forth is a perfect answer to a What IF .. question.. The revealing thing is that there has been a report on Demonetisation in the Fin ministry .. what it suggests is now a matter of gr8 interest and How many times this report was debated/discussed thru by various ppl and other notings would be of prime importance .. someone should request FM to put into public domain .. Or can somebody prize it out through a RTI ..? also like to know what the Chief Economic Advisor feels on the story screen play, Dialogbaazi of #Demonitisation ! ha
                                          Reply
                                          1. C
                                            C P
                                            Nov 28, 2016 at 9:39 am
                                            I remember a Tamil proverb " if aunt grows moustache...." PC sir, you are not FM nor you will ever be one. Day dreams can go on.
                                            Reply
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