Demonetisation move has pushed common people into misery and despair: Chidambaram
"This scheme is not #DeMonetisation. This is 'Old Notes for New'. Unprepared government pushes common people into misery and despair," the former Union Finance Minister tweeted.
"The half-baked plan has benefited only touts and middlemen. Gov should publish the 2012 CBDT report that advised against #DeMonetisation," he said.
The Government has scrapped the Rs. 1000 and Rs. 500 notes with effect from Tuesday midnight to fight black money.
In unprecedented scenes, millions of people since Thursday morning thronged in front of banks across the country to deposit the now-invalid Rs. 500 and rs. 1000 notes.
The Government has asked the people to deposit their Rs. 500 and Rs. 1000 notes in banks within a specific time frame and get smaller denominations in exchange.
It has also announced that deposits above Rs. 2.5 lakh will be taxed and could draw a 200 per cent penalty if found disproportionately higher than the account owner's income.
The banks have been asked to keep the details of PAN card of people depositing such large amounts over the 50-day period till December 30
Banks will remain open this weekend and many banks have announced longer working hours.
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