Former Finance Minister P Chidambaram questions PM Modi's demonetisation move
"We feel that replacement of old notes should be done quickly & with least inconvenience to the people," Chidambaram said while addressing a press conference here.
He said :"If the Rs 500 note will be replaced by a Rs 500 note, then what purpose would this exercise have served?"
The Former Finance Minister of the country said :"Introduction of Rs 2000 note is a puzzle. How will this move help preventing of Black Money?"
"The economic decision of the Govt will be tested on a few issues. Present cash to GDP Ratio is 12%. Will this come down?" he asked.
In a bold step to curb the usage of fake Indian currency and combat the issue of black money, Prime Minister Narendra Modi has announced that Rs.500 and Rs.1000 notes will cease to be legal from Tuesday midnight.
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