DeMon failed to achieve any of its objectives: PC

With the SC on Wednesday deciding to examine the validity of demonetisation 6 years ago, former finance minister and a staunch critic of demonetisation, P Chidambaram, appearing for some petitioners, termed it a mindless exercise that caused extreme hardship to citizens-who stood in queues before ATMs for long hours to withdraw small amounts, could not buy medicine, get wages and lost jobs. As such, the demonetisation failed to achieve the objectives of blocking black money, terror funding, and fake currencies, he said.

- Dhananjay Mahapatra

Chidambaram said generally, the government takes demonetisation decisions on the RBI board's recommendations. "But it was the reverse that happened. On November 7, 2016, the government wrote to the RBI seeking recommendation for demonetising Rs 500 and Rs 1,000 currency notes. The RBI board hurriedly met the next day at Delhi. Its recommendation was sent to the cabinet, which was already in a meeting. The meeting accepted the recommendation and the notification was issued," he said.