''Demonetisation Was An ill-Conceived Move'' Says P Chidambaram

In a scathing attack on the Bharatiya Janata Party-led National Democratic Alliance (NDA) government at the Centre, senior Congress leader P Chidambaram on Friday, November 9 said the demonetization was an "ill-conceived" move.

Chidambaram's statement comes after the BJP celebrated the second anniversary of demonetization on Thursday, November 6 The Congress party marked it as a 'black day' for the Indian democracy and economy.

"Demonetisation was an ill-conceived move, inspired by one or more persons who are totally oblivious of matters concerning money and the economy," Chidambaram told media here.

READ: Deeper Ramifications Of Demonetisation Are Still Unraveling, Says Former PM Dr Manmohan Singh, Warning Against 'unorthodox, Short-term' Economic Measures. Read Here

On November 8, 2016, the Central government had declared Rs 500 and Rs 1,000 notes as non-legal and introduced new Rs 500 and Rs 2,000 notes. Since then, various opposition parties have been highly critical of the Centre's move, while the members of the Bharatiya Janata Party (BJP) and its allies have backed the decision.

On the second anniversary of demonetization on Thursday, November 9 Union Finance Minister Arun Jaitley posted a strong defense of demonetization, saying that the note ban had a huge impact on formalizing the Indian economy.

Madras High court on Friday, quashed a sanction order issued by income tax officials for the prosecution of former Union Minister P Chidambaram's wife, son and daughter-in-law under the black money and imposition of Tax Act, 2015. 

READ:  'Demonetisation Was A Disaster, Tragedy': Congress President Rahul Gandhi Attacks PM Modi On The Second-anniversary Of Demonetisation
The bench also quashed the private complaints filed against Chidambaram's kin by the IT department before the Economic offense Wing in Egmore. The division Bench comprising Justice S Manikumar and justice Subramanium Prasadhadit's order on September 3 on the appeal filed by Chidambaram's wife Nalini, prosecution initiated by the IT department