Chidambaram: Cash crunch is like the ghost of demonetization

     Written by : SMTV24x7 | Wed, Apr 18, 2018, 08:02 PM

Chidambaram: Cash crunch is like the ghost of demonetization

New Delhi, April 18: Former Finance Minister P. Chidambaram on Wednesday attacked the government and the RBI over the acute cash crunch in the country and said the ghost of demonetization has come back to haunt them.

He also needled the government on the recent bank scams, saying people appeared to have lost confidence in banks.

"I suspect ordinary people are withdrawing cash but not putting back into the banks their surplus cash. It is possible that there is some loss of confidence in the banking system, thanks to the bank scams.

"After demonetizing 500 and 1,000 rupee notes, government printed Rs 2,000 notes! Now, government is complaining that Rs 2,000 notes are being hoarded!! We always knew that Rs 2,000 notes were printed only to help hoarders.

"The ghost of demonetization has come back to haunt the government/RBI. Why are ATMs still bring re-calibrated even 17 months after demonetization?" Chidambaram said in a series of tweets on the reported shortage of money in banks in some states.