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Demonetization will cause 1.5% GDP loss

<!– /11440465/Dna_Article_Middle_300x250_BTF –>Former finance minister and Congress spokesperson P Chidambaram on Friday pegged the hit to the GDP at 1.5 per cent that is Rs 1.5 lakh crore as against former prime minister Manmohan Singh, who had pegged the loss to 2 per cent or more. He said the govt should not misread people’s patience as being happy with the demonetization, asking the Prime Minister to put an end to all restrictions on withdrawals of own money by the people and grant them back the economic freedom to withdraw as much money as they want in the new year.He said it is fair to expect that there shall be no queues outside bank branches and ATMs, that all ATMs will be open round the clock, fully stocked with currency notes, the bank will pay the money written on the cheque and not ask the drawer to draw another cheque of smaller amount.Dropping a hint that the whole demonetization exercise was PM Modi’s own brainwave, Chidambaram asked for making public the agenda note of the board of governors of the Reserve Bank of India (RBI) and the Cabinet note on the demonetization on November 8. He pointed out that RBI Governor Urjit Patel and only three non-official directors of the RBI Board met in Delhi at 5.30 pm on November 5 and took the decision to recommend demonetization of 85 per cent of the Indian currency in just 30 minutes. He wants to know how the governor and ‘three wise men’ reached such a momentous conclusion in so short a period and said that it should be made public what was discussed and if there were any dissents.Chidambaram said it would bring out the truth that everything was prescribed to both the RBI Board and the union ministers at the Cabinet meeting to have the command performance (as per the PM’s wish). He said he only hopes that there would not be another ‘surgical strike’ of this dimension on the people. Taunting at the BJP leaders describing the bank note withdrawal as a ‘surgical strike’, he said, “it should rather put all surgeons to shame.”

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