Former Finance Minister P Chidambaram has ripped apart the note ban, soon after the RBI released its Annual Report for 2016-17 on Wednesday which said that 99% of the demonetised currency came back into the system.
In a series of three tweets, he said, “Rs 16,000 cr out of demonetised notes of Rs 15,44,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation.”
“The economists deserve Nobel Prize,” Chidambaram added sarcastically pointing out that the cost of printing the new notes far outstripped the money that went out of the system.
In his final tweet on the note ban, he asked if the exercise was meant to convert black money into white as 99% of the money came back into the system.
Not only Chidambaram, CPI (M) general secretary Sitaram Yechury also lashed out at the Centre terming the November 8 ban on high-value currency as “anti-national” adding that the country can’t forgive the government for this.
He added, “99.9% of the notes back in the banking system. 100s died in queues. The poor suffered the most. All this for what?”
He further questioned if the move was intended to create profits for digital payment companies.
“To end the use of cash? Or was it done to ensure a profit bonanza for digital transaction companies?” he tweeted.
Lives & livelihoods lost, the Economy got a shock, workers lost their jobs. India can never forgive Modi govt for this anti-national act.— Sitaram Yechury (@SitaramYechury) August 30, 2017
West Bengal CM Mamata Banerjee also questioned if the RBI data points to a big scam and termed it a “flop show”.