Watch EXCLUSIVE | Modi govt changes its stand every day like a weather bulletin: Chidambaram on demonetisation

Former finance minister and senior Congress leader P Chidambaram on Friday slammed the Narendra Modi Government on the issue of demonetisation. In an exclusive interview with News Nation, Chidambaram said the Modi Government is doing more somersaults than a circus clown.

Here are the highlights of Chidambaram's exclusive interview to News Nation-

#On demonetisation move

- Completely 'misconceived exercise' to demonetise Rs 500 and Rs 1,000 currency notes.

# On controversy over Ghulam Nabi Azad's remark

- BJP is clutching at straws. The issue is how did you land the country in a mess.

# On Bill Gates' statement supporting currency ban

 - Bill Gates doesn't attend weekly market. He won't complain, nor will any other billionaires.

# On Moody's quote on demonetisation

- Why are we impressed with the rating agencies? I have often asked who will rate the rating agencies.   

- Don't care for Moody's ratings.

# On Government's preparations

- Government is doing more somersaults than a circus clown.

- Why kind of preparation is this?

- I support objectives of demonetisation. But this is not the right method.                  

- As finance minister I wouldn't have done it this way.

ALSO READ | Common man to be highly affected by demonetisation of currency: P Chidambaram             

# On RBI liability being wiped out

- Apparently there is a game or design behind this.

- Hope Government and RBI haven't stuck a secret deal about this because this will be wrong.

- It's sad if RBI and Government have stuck a deal at cost of people suffering. 

- The situation leads me to suspect that such a deal is in the making.

 # On 200 per cent penalty

- Cash transactions are perfectly legal. 

- I don't see how Income Tax department can slap such a penalty. 

- It will lead to court cases.                        

# How would he have done it. He too attempted demonetisation 

- We phased them out. 

- Replaced old notes smoothly like it happenes in rest of the world.

Watch video: Congress divided on demonetsation, Chidambram condemns but Janardan Dwivedi hails move                      
 

# On Rahul Gandhi's claim of leakage

- There are some pieces of evidence. West Bengal BJP, Gujarati and Hindi news paper reported about it.
 

# On Rs 2,000 notes

- If 500 and Rs 1,000 notes are high denomination, then what is Rs 2000 note?

- First case of corruption distinction belongs to Gujarat.  

- Answer is not to change the bank note.                        

# On trust deficit-

- If there is a trust deficit, I am not surprised. No one is trusted. 

- Either you are with us or against. You are anti national.

# On shadown economy

- Our shadow economy is there, but it must be addressed without driving people to misery. 

- People didn't have money to buy a meal.                        

# On Raghuram Rajan

- I can confirm that Dr Raghuram Rajan was opposed to demonitisation.

# How would you see as finance minister

- As finance minister I looked at it. CBDT gave report that this wasn't the solution.                        

- Govt should publish the Report.

# People facing issue

- Doesn't matter leak or JPC, main issue is misery to crores of people.                      

- Calculations show on an average 10 crore people standing at ATMs.                        

- 33 per cent of the population is without work.                        

- 15 crore people have no money to buy food.                        

# On Chief Economic Advisor's role

- Chief Economic Advisor was not consulted. Even he learnt of it after announcement.                        
 

# Is India under financial emergency?

- Article 360 of the Constitution deals with such situations, but if it applies to this case one has to see.                      

- Govt says problem will be over in one day one week. 

- It's like a weather bulletin. They change their stand every day.                     
 

 # On printing of notes-

- Capacity of printing presses is 300 crore per month. It will take 7 months to replace all notes in currency market.    

# On the use of term - 'surgical strike'

- War mongering should not be used for economy. Don't get carried away.                        

# How he managed his finances

- I sent someone to exchange my own currency. 

(Based on the conversation between News Nation Executive Editor Meetu Jain and former finance minister P Chidambaram)