P Chidambaram: Demonetisation was an ill-conceived move

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 said the demonetisation was an 'ill-conceived' move.

Chidambaram's statement comes after the BJP celebrated the second anniversary of demonetisation on Thursday. 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.

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 demonetisation on Thursday, Union Finance Minister Arun Jaitley posted a strong defense of demonetisation, saying that the note ban had a huge impact on formalising the Indian economy.

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