“Pink Carpet For Black Cash Keepers…”: P Chidambaram On 2,000 Word Rule

P Chidambaram stated Rs 2,000 notes helped individuals stash black cash with ease.

New Delhi:

Senior Congress chief P Chidambaram right this moment known as the Rs 2,000 notice, which has now been withdrawn from circulation, a “silly transfer” that solely helped individuals stash black cash with ease. Now, these individuals had been given the pink carpet to alternate their foreign money, stated the previous Finance Minister.

In an acerbic tweet, his second on the federal government’s determination to scrap the Rs 2,000 notice that was launched after the shock demonetisation of 2016, Mr Chidambaram mocked the federal government for claiming the excessive denomination notes had been being withdrawn to unearth black cash.

“Banks have clarified that no identification, no kinds and no proof will likely be required to alternate the Rs 2,000 notes The BJP’s spin that the Rs 2000 notes are being withdrawn to unearth black cash stands demolished,” Mr Chidambaram posted.

“Extraordinary individuals should not have Rs 2,000 notes. They shunned it quickly after it was launched in 2016. They had been ineffective for day by day retail alternate. So, who saved the Rs 2,000 notes and used them? You already know the reply. The Rs 2,000 notice solely helped keepers of black cash to hoard their cash with ease. The keepers of Rs 2,000 notes are being welcomed on a pink carpet to alternate their notes! A lot for the federal government’s declared goal of rooting out black cash.”

Mr Chidambaram added: “The Rs 2,000 notice was a silly transfer in 2016. I’m glad that the silly transfer is being withdrawn at the least 7 years later.”

The federal government introduced on Friday that the notes could be withdrawn from circulation however gave individuals time until September 30 to both deposit these notes of their accounts or alternate them at banks.

Later, the State Financial institution of India clarified that folks could be allowed to alternate the notes with none type or requisition slip. No identification proof will likely be required. Individuals can alternate ₹ 2,000 rupee notes as much as ₹ 20,000 any variety of instances in a day.

In an earlier put up, Mr Chidambaram stated the Rs 2,000 notice was a “band-aid” to cowl up the “silly determination” of demonetising Rs 500 and Rs 1,000 notes. The federal government and the Reserve Financial institution of India had been compelled to reintroduce the Rs 500 notice weeks after demonetization, he remarked. “I shall not be shocked if the federal government/RBI re-introduced the Rs 1,000 notice as nicely. Demonetisation has come full circle!” he stated.

Although within the 2016 notes ban Rs 500 and Rs 1,000 notes turned invalid in a single day, the Rs 2,000 notes will proceed to be legitimate, the federal government has stated.

Defending the choice to withdraw Rs 2,000 notes, former NITI Aayog Vice Chairman Arvind Panagariya stated it might not have any “perceptible impact” on the economic system and the doubtless motive was to make the motion of unlawful cash harder.