Note ban a big scam: Chidambaram

Hyderabad: Former Union finance minister P Chidambaram said on Sunday big note ban decision by the Modi government is a big scam. He expressed serious concern over the ramifications resulted in the wake of demonetization across the nation.

Participating in a Congress meeting here, Chidambaram said the scrapping decision of high value notes resulted in financial chaos and economic anarchy. It was a unilateral decision and was just a scam as the BJP-led government failed to understand the situation that arises out of it, he fumed. Though the cash ban decision was for rooting out black money and catching tax-evaders, it caused hardship to the common man, he observed.

Chidambaram turned vocal on Prime Minister Narendra Modi without taking his name saying the BJP-led government has created problems and difficulties to the people in villages wherein money plays a key role in all and every transactions. As many as 45 crore poor people are relying on daily wages and the cash ban decision only added to their woes. Besides, there was no cash in villages, he charged. The poor working class failed to get their work as usual and could not get a square meal a day, he bemoaned. If that is the situation, who will compensate them, he sought to know. Printing of new notes requires eight months and till then the poor cannot stay idle as long as the government could pump in money into the open market, he said. The decision of big note ban also led to escalation of prices of essential commodities, Chidambaram stated. –NSS

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