Modi helped conversion of black money into white: Chidambaram

New Delhi: Former Union Finance Minister P Chidambaram teared into Reserve Bank of India and  Narendra Modi government for recommending demonetisation. Chiadambaram's comments came after the RBI data on Wednesday revealed that 99% of the total cash was deposited with the banks after the note ban was implemented.    “Rs 16000 cr out of demonetised notes of Rs 1544,000 cr did not come back to RBI. That is 1%. Shame on RBI which ‘recommended’ demonetisation,”  Chidambaram tweeted after the RBI annual report.

“RBI ‘gained’ Rs 16000 crore, but ‘lost’ Rs 21000 crore in printing new notes! The economists deserve Nobel Prize,” he said.

Taking a jibe at the Modi government, Chidambaram wondered whether note ban was a scheme to convert black money into white. “99% notes legally exchanged! Was demonetisation a scheme designed to convert black money into white?” Chidambaram said in another tweet.