Former Finance Minister P Chidambaram described the notes ban as the "worst attack on the poor"
Highlights
- Jaitley reacts to Chidambaram's cash ban being 'worst attack on poor'
- Corruption peaked during Congress, no step against black money: Jaitley
- 'Government's strategy is to move to low cash economy', says Jaitley
Corruption and scams peaked during the Congress' rule at the centre and the party did not take a single step against black money in those 10 years, Finance Minister Arun Jaitley said today, hitting back at his predecessor P Chidambaram, who this morning described the notes ban as "the biggest scam of the year".
"Given its scandalous record, it is not surprising that the Congress is uncomfortable with the NDA campaign," Mr Jaitley said, asking the main opposition party to "rise above slogans and see the the advantage" of discussing the issue in parliament.
"I urge my friends in the Congress to debate demonetisation in parliament and not just disrupt the House. I urge them to contribute constructively to the process," he said.
The Congress has led a united opposition in disrupting the entire winter session of parliament over the notes ban. Only three days of the session remain.
Mr P Chidambaram, who was the Congress' Finance Minister, today said the notes ban is the "worst attack on the poor" and that "even a natural calamity would not cause such pain".
He referred to a series of raids across India in which big amounts of brand new currency notes have been seized, even as a cash crunch continues with new notes rationed at banks and people still having to queue up at banks and ATMs for money five weeks after the government banned 500 and 1,000 rupee notes to unearth black money.
"How are these people getting Rs 2,000? This is the biggest scam of the year. This is the one that should be investigated," said Mr Chidamabaram.
Mr Jaitley said "some people are taking advantage of the situation," and promised that "agencies are watching the unscrupulous elements and they will pay a heavy price."
The government's strategy, he reiterated, was to move to a low cash economy. He said between 2004 and 2014, the years of Congress rule, high denomination currency increased to 80% from 36% of total currency.
"Despite transient problems, we are rapidly remonetising. The Reserve Bank of India will inject significant amount of currency in the coming days," the Finance Minister also said.
Mr Chidambaram has accused Prime Minister Narendra Modi of "shifting goalposts" by initially pitching demonetisation as a move to check tax evasion and then talking about a cashless economy. No country, the Congress leader said, has a completely cashless economy.