Demonetisation: In a short while your woes will end, mocks Chidambaram

Former Finance Minister says events of the last 50 days have proved the Congress Party correct

Senior Congress leader and former Finance Minister P Chidambaram on Friday took a swipe at the ruling government, saying that the woes of demonetisation would come to an end in a short while from now.

Taking pot shots at Prime Minister Narendra Modi, he said, "Prime Minister had asked for time until December 30".

Quoting PM Modi, he said, "On December 27, the PM had said, 'Through note ban, we destroyed the world of terrorism, drug mafia, human trafficking & underworld'. Therefore it is fair to expect that all the above objectives will be achieved by the end of today."

Employing elaborate sarcasm, Chidambaram said at a press conference that it's fair to expect that beginning Monday, Jan 2, 2017, all restrictions on money, imposed on Nov 8, 2016 will be removed and the people will be able to withdraw money from their bank accounts.

"It is fair to expect that all ATMs will be open round the clock and will be fully stocked with currency notes", he said.

The former Union Minister hoped that he could hold out assurances on matters of ending terrorism, drug mafia, et al through demonetisation. However, the Opposition has been dubbed by the government as supporters of black money hoarders and tax evaders.

"Therefore, the only person who can assure people on these matters is the honourable Prime Minister and I would urge him to do so", he said.

Chidambaram asserted that whenever PM Modi addressed the nation, people expected him to make a categorical announcement that all restrictions have ended.

Recalling his speech to the media on November 9, he said that Congress party had agreed to support the government on the note ban drive, provided its objectives were to unearth and stamp out black money and put an end to corruption.

"However, I had cautioned that none of the stated objectives is likely to be served through demonetisation," he said.

Chidambaram added that events of the last 50 days have proved the Congress Party correct.

"In last 50 days, hoards of black money in new 2,000-rupee notes, have been found. Bribes have been given and taken in new notes. There is no guarantee that black money will not be demanded or generated in future, or bribes will not be given or taken in future, in new currency notes. I had also cautioned that the test of demonetisation lies in the manner in which it will be implemented," he said.

Severely criticising the move he added, "It is now abundantly clear that the whole exercise was undertaken without forethought and planning, without consulting key officials; without understanding the crucial role of money in circulation and without assessing the capacity of the currency printing presses to supply new notes."

Stressing on the woes of the poor, he said, among the worst affected are farm labourers, daily wagers, self-employed & those who run micro, small & medium businesses. Many of them have been economically ruined. They will require help to re-build their lives.

He condemned the government for not uttering a word about compensating people for the economic losses heaped uponthem by demonetisation.

P Chidambaram, who was a finance minister in the UPA regime categorically stated, "No economy can become, or has become totally cashless".

Citing instances of cyber crime, he said there are serious issues of privacy and cost to the payer and the payee. These issues require serious debate'.