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Former finance minister P Chidambaram says, 'Demonetization was an ill-conceived move' on completion of 2 years

Speed News Desk | Updated on: 9 November 2018, 13:43 IST
P Chidambaram

Former finance minister P. Chidambaram has targeted the Narendra Modi led BJP government over the demonetization issue and has said that it was a designated money laundering scheme, on its 2 years anniversary.

Chidambaram also targeted the government for interfering in the functioning of RBI and trying to “capture” the cash reserves of the Central bank.

The senior Congress leader said in a press conference, “The government stares at a fiscal deficit crisis…It wants to step up the expenditure in an election year. Finding all avenues closed, in desperation, the government has demanded Rs 1 lakh crore from the reserves of RBI.”

Chidambaram called the note ban exercise an “ingeniously designed official money laundering scheme’ had claimed in the press conference that, “GST collections, as well as direct tax collections, are short of estimate. The government will not be able to meet the fiscal deficit target of 3.3% for 2019.”

Warning the government, Chidambaram said that, “The day of reckoning is November 19 when the RBI board is scheduled to meet. The government has packed the RBI board with its handpicked nominees and is making every attempt to ram through its proposal at the meeting, if the RBI either defies the government or RBI governor resigns, in either events, the consequence will be catastrophic.”

Talking about the ‘acche din’ and the right-wing ideology, the former minister said, “It longer talks about ‘achhe din’ or growth and development. We only hear about the Hindutva agenda. The talking and writing are only about the divisive issues.”

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First published: 9 November 2018, 13:43 IST