RBI data proved me right, Modi govt should accept demonetisation failure: P Chidambaram

After the RBI report on demonetisation, former Finance Minister P Chidambaram on Saturday attacked Modi govt saying it “should have courage to accept” that note ban was a “wrong decision”.

“Demonetization was a wrong decision and the government should have the courage to accept it,” Chidambaram said.

Chidambaram said the Reserve Bank of India report has revealed what he had said six months ago.

“Finally the RBI report has revealed what I said 6 months ago,” former FM Chidambaram said.

The government has gone into a defensive mode ever since the RBI has released its report on demonetization. The report has quashed all the big claims made by Prime Minister Modi at the time of note ban that it will flush out black money, fake currency and end the corruption.

Also Read | RBI data suggests Prime Minister Modi’s demonetisation move failed on most fronts

Last month, the Reserve Bank of India released its much-awaited report on demonetisation.

In the report, it said 99 per cent of the banned notes came back into the banking system which trashes all the big claims of Prime Minister Narendra Modi that the move will flush out the black money and counterfeit currency.

According to the report, Rs 15.28 lakh crore out of the Rs 15.44 lakh crore in the currency that was ceased to be legal tender on November 8, 2016, has come back into the Indian banking system.