Impressive Speech About Demonetization By P.Chidambaram Ex-Finance Minister

Impressive Speech About Demonetization By P.Chidambaram

Honarable Ex-Finance Minister P. Chidambaram who is one of the greatest economist in the world gave an impressive speech about demonetization in a meeting held in Sathya Moorthy Bhavan, Tamilnadu Congress Committee HQ, Chennai, Tamilnadu. Below are few points which made his speech impressive.

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• Total amount of black money floating in India is just 400 crore out of total amount 17,000,00 crore which is just 0.02 % out off 100%.
• Total no. of 500 & 1000 rupees denomination is 2400 crore notes.
• Reserve bank has totally 19 branches.
• Totally there should 14 directors but only 3 directors were there on the day of demonetization announced excluding governor & vice-governer of RBI
• Total no. of ATM: 2,15,000 & Total no. of bank: 1,40,000.

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• Total no. Of swiping machines :14,60,000
• But even till now 35% of ATM’s are not re-calibrated for new currency.
• Each and every day approximately 11,000,00,000 people standing in ATM queue for cash.
• Demonetization was first implemented during the time of Indira Gandhi when she was the Prime Minister, due to struggle of people die and suffer, she immediately apologized to people and withdrawn the order.
• No country has ever implemented demonetization like India ever in history.
• Cashless economy/society is not possible and no country is there with this economy.
• Even developed and richest country USA is going through 46% and German is going through 52%of cash transaction.

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When this things become to normal? We have to wait for the answer and the future only can reply to this question. What do you guys think about this? Share your comments.