Was Demonetisation Ehtically Right, Asks Chidambaram?

    • PTI
    • Publish Date: Nov 8 2017 3:25PM
    • |
    • Updated Date: Nov 8 2017 3:25PM
Was Demonetisation Ehtically Right, Asks Chidambaram?

Congress leader P Chidambaram launched a scathing attack on the Centre and Finance Minister Arun Jaitley on the anniversary of the note ban decision today, asking whether it was "ethical" to heap misery on millions of people.

No one could deny that lives and jobs were lost due to the note ban, the former Union finance minister said on "demonetisation Black Day".

A day after Jaitley said the demonetisation decision was an "ethical drive and a moral step", Chidambaram took him on in a series of tweets.

"FM says demonetisation was "ethical". Was it ethical to heap misery on millions of people, especially 15 crore daily wage earners?" he asked.

The former finance minister went on to ask if it was ethical to destroy 15 lakh regular jobs during January-April 2017 and force thousands of micro and small businesses to close down?

"Was it ethical to give an easy way for converting black money into white as now discovered by Government?"

The former finance minister also asked whether it was ethical to damage vibrant industrial hubs like Surat, Bhiwandi, Moradabad, Agra, Ludhiana and Tiruppur.

A year after the demonetisation decision, Chidambaram also launched a frontal attack on the Modi government and said, "On demonetisation Black Day read real-life stories, say a prayer for the millions who suffered."

He noted that millions of people had suffered due to demonetisation. Could anyone deny, he asked, that lives and jobs were lost and small businesses closed.

He said the cash of Rs 15 lakh crore with the public would soon reach the November 2016 level of Rs 17 lakh crore.

According to Chidambaram, artificial reduction of cash in circulation is one of the reasons for lower demand and lower growth.

"In interest of transparency, government/RBI should release RBI Board's agenda, background note and (former Governor) Dr Raghuram Rajan's note. If government is confident of its decision, why does it fear releasing these documents?"

Prime Minister Narendra Modi had announced demonetisation of Rs 1,000 and Rs 500 notes as a measure to fight black money, corruption, fake currency and terror funding on this day last year.

The opposition is observing "black day" today.

The government, Chidambaram said, claimed that money was eliminated. But "you will find the 'eliminated' black money" when the Gujarat election campaign starts, he added.

"Modi's currency gamble damaged Indian economy, says the BBC. Is BBC a supporter of black money and corruption?" he asked. 

Comments

Shashank Ranganathan GOKULDHAM HIGH SCHOOL-GOREGAON(E)

I think that the DEMONETIZATION was a good decision by our Prime Minister

Ali jibran rizvi Unity College

''GOOD POLICY'' is something that brings happiness to people .However I noticed that many people had starved to death because of DEMONETISATION.

KATHERINE PARSHAD RED ROSES [PUBLIC SCHOOL

I Don''t Think So That DEMONETIZATION was a good decision by Our PRIME MINISTER . This Is one of the things which shockingly happen in INDIA . It was to remove BLACK MONEY from the country but next year more black money can be made so ACCORDING TO ME DEMONETIZATION WOULD NOT HELP .

Sanika Sawarkar NARAYANA VIDYALAYAM NAGPUR

Chidamdaram is correct. Lot of corrupt lost their jobs which led to taking away jobs from the others too who depended on black economy. All the CONgresswalas lost the opportunity to "Invest" in the black economy causing massive erosion of the black economy. All these parallel economies created by the CONgress for the last 60yrs.

DASHA.S MARIAM NILAYA SCHOOL BANASWADI

Everyone in India is analyzing one question and that is, whether demonetization is successful or not. Different people, different views some calling it very successful and some calling it a complete failure. Here, I will put forward my point of view. There will always be a plus and minus point so, according to me it was success to a certain extent because, we have to understand that it was done with an good intention for the development of the country.

DASHA.S MARIAM NILAYA SCHOOL BANASWADI

If it was not 100% successful it is because lot of officials also indulged in converting black money. There was no full co-operation from all.

Sanorita Chouray Convent of Jesus and Mary

Demonetisation was a good step to certain extent as it helped in reducing corruption . As we say EVERY COIN HAS TWO SIDES , demonetisation do have some drawbacks too .No doubt demonetisation affected the rich but poor was more badly affected by it .

Navneet Kishan.S NAGARJUNA VIDYANIKETAN

I feel that the ban of ₹500 and ₹1000 notes was a great success or the black money holders mostly got black money in ₹1000 and ₹500 notes after the ban the black money holders had no other option than to get black money only in ₹50 and ₹100 notes which occupy a lot of space resulting in difficulty to carry and would be caught. In addition the excess ₹500 and ₹1000 notes also could not be exchanged easily. Yet, demonetisation was a great success.

mark aruliah SBOA SCHOOL & JUNIOR COLLEGE

I think it is good that DEMONETIZATION is a good way to get rid of black money by guru

Roma Ramcoumar Bethel Mat Hr Sec School

I don''t think so that demonetization was a effective one . So we all know how hard we struggled to take the money out of the atm''s . So did PM Narendra Modi achived his target ??? Nope . All the black money changed to pink and orange notes within 2 days . So I say that demonetization was a failure .

RK Anjan Athitya Bethel Mat Hr Sec School

My doubt is ,if you ban 500 ,1000rupee note then why 2000 rupee note????. Mr. Arun Jetly is responsible for releasing the statistical effect of demonitezation on indian economy

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