The former finance minister also said it was a 'promise' of the Congress not to increase the tax burden of the middle class.
The apex court also quashed all IBC proceedings initiated by banks under the RBI circular against defaulters.
The former finance minister also questioned the motive of the government in making the announcement.
Addressing a press conference here, the former Finance Minister said 'enough' economists and experts in the subject had been consulted and they broadly agreed that India has the capacity to implement the scheme.
Senior advocate Kapil Sibal for the father-son duo claimed that CBI has failed to disclose any information to prove the allegations against the Chidambarams in the case, filed by the CBI and the ED.
Chidambaram was taunting at the NDA government for invoking the February 14 Pulwama attack in order to gain political mileage
The former finance minister said this is the highest rate in several decades and termed it as a "man made catastrophe".
Chidambaram said he was prepared to 'believe the government" as a 'proud citizen', but the Centre has to "make efforts for the world to also believe' its stand.
Prime Minister Narendra Modi on February 24 will launch the Rs 75,000-crore Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) scheme in Gorakhpur, Uttar Pradesh, by transferring the first instalment of Rs 2,000 each to over one crore farmers.
They said after clearance from the Centre, giving a go-ahead to the agency to press charges against Chidambaram, the CBI might soon proceed with the filing of the chargesheet.
Chidambaram's party colleague and senior advocate Kapil Sibal made the submission on his behalf after the ED sought adjournment in the matter.
The CAG is not God, he said, apparently rejecting the ruling BJP's contention that the national auditor's report should be the final word on the contentious issue.
The Congress leader, who was summoned to record his statement under the Prevention of Money Laundering Act (PMLA), arrived at the agency's office in central Delhi at about 11 am.
The former Union minister of finance and home says this scenario will be the end of the 'idea of India' given to us by the founding fathers, adding to restore that idea will require nothing less than another freedom struggle and another Mahatma Gandhi.
Karnataka Chief Minister HD Kumaraswamy said, "In this budget, Narendra Modi has given cotton candy for farmers. When I announced loan waiver scheme, PM mocked it as lollipop."
'One more venerable institution died on 29 January 2019 owing to malicious negligence by the government,' Chidambaram tweeted.
Earlier during the day, Congress chief Rahul Gandhi had announced that his party would ensure minimum income guarantee for every poor in the country if it returns to power.
The submission was made before Justice Sunil Gaur who was hearing the plea of Chidambaram seeking anticipatory bail in the corruption and money laundering cases relating to the INX Media scandal.
P Chidambaram said he hoped that the agreement between Akhilesh Yadav and Mayawati was not the final word.
Special CBI Judge O P Saini put up the matter for February 1 after Solicitor General Tushar Mehta, appearing for the CBI, told the court that the ongoing probe was about to be completed.
The former finance minister claimed that the states had exhausted the money allotted for the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) and an amount of only Rs 331 crore was left for the remaining three months of the current fiscal.
Taking to Twitter, Chidambaram said the Air Force wanted at least seven squadrons (126 aircraft) and this figure was recommended by the Defence Acquisition Council too.
The former finance and home minister said if the government, the Enforcement Directorate and the media have their way in this country, cases will be tried even on TV channels
In an order on December 20, the Union Home Ministry authorised 10 central agencies to intercept, monitor, and decrypt "any information generated, transmitted, received or stored in any computer".
Chidambaram alleged that it was typical of the National Democratic Alliance (NDA) to unscramble the egg after having "scrambled" the Goods and Services Tax.