Friday, January 02, 2026 | 08:07 PM ISTहिंदी में पढें
Business Standard
Notification Icon
userprofile IconSearch

Demonetisation a scheme to convert black money into white? asks Chidambaram

'RBI 'gained' Rs 16000 crore, but 'lost' Rs 21000 crore in printing new notes'

P Chidambaram
premium

Congress leader P Chidambaram.

BS Web Team New Delhi
Senior Congress leader and former finance minister P Chidambaram on Wednesday took a dig at the RBI and Modi government, asking whether demonetisation was a scheme designed to convert black money into white.

His comments come after RBI said on Wednesday that of the Rs 15.44 lakh crore of notes taken out of circulation, Rs 15.28 lakh crore had returned to the system by way of deposits by the public.

"99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?," he tweeted.

99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?

— P. Chidambaram (@PChidambaram_IN) August 30, 2017

RBI 'gained' Rs 16000 crore, but 'lost' Rs 21000 crore in printing new notes! The economists deserve Nobel Prize.

— P. Chidambaram (@PChidambaram_IN) August 30, 2017

Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which 'recommended' demonetisation

— P. Chidambaram (@PChidambaram_IN) August 30, 2017

Another Congress leader Randeep Surjewala said that the 'Demonetisation Scam' not only dented institutional sanctity of RBI, but also credibility of India abroad and the prime minister should apologise to the nation. "Utterly failed demonetisation is nothing but a disaster in which 104 innocent people were killed while 'Corrupt' made 'Windfall Gains'," he tweeted.

Samajwadi Party MP and Standing Committee On Finance member, Naresh Aggarwal said that he will move privilege motion against RBI Governor Urijit Patel.