Note ban was a complete disaster, says former FM P Chidambaram

Finally there is some clarity on demonetisation – for a long time question were being raised on the quantum of Rs 1000 and Rs 500 currency notes that had come back into the system.

Last evening, the RBI in its annual report said 99 percent of demonetised notes have returned to system.

To make sense of these numbers and what is that India has gained from this, Network 18’s Bhupendra Chaubey spoke to former Finance Minister, P Chidambaram.

According to Chidambaram, it has turned out although it may not have been intended that way – that demonetisation was a convenient device for hoarders to convert their unaccounted money to white money.
He believes note ban was a complete disaster.