'RBI has achieved its motive, Oppn can say what it wants': FM Sitharaman on withdrawing Rs 2,000 notes

Finance Minister Nirmala Sitharaman on Monday weighed on the issue of withdrawal of Rs 2,000 banknotes from circulation and said Reserve Bank of India has achieved its motive.

"The RBI has achieved its motive here, Opposition can say what it wants. Introduction of Rs 2,000 notes was an attempt of remonetisation," said Sitharaman at a press conference on 9 years of Modi government in Mumbai.

The Reserve Bank of India recently announced withdrawal of Rs 2,000 notes from circulation and asked people to deposit them in banks or get them exchanged by September 30.

She also reacted to former FM P Chidambaram terming withdrawal of Rs 2,000 notes as "a foolish decision".

Sitharaman said: “To cast aspersions on the matters of this nature, currency, decision of the central bank does not augur well with the former finance minister who has been with the ministry.'' ''The (UPA) government lasted for 10 years, in which for a large part he was finance minister. There were several questions we had raised in Parliament and we never had a substantial answer for them,” she said. “I would think it is better for all of us to understand the situation and provide observations which are commensurate with the office he had held and not be frivolous about commenting and judging it,” Sitharaman said.

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''The thoughtless - some would even say foolish - introduction of the Rs 2,000 note (which the people shunned) and the mortifying spectacle of withdrawing the note have cast doubt on the integrity and stability of India's currency,'' Chidambaram said at a press conference in Mumbai.

He said the key economic indicators are pointing downward and there is low confidence that the economy will reach the high growth path.

Meanwhile, the Delhi High Court on Monday dismissed a plea challenging notifications enabling exchange of Rs 2,000 currency notes without any requisition slip and ID proof.

A bench of Chief Justice Satish Kumar Sharma and Justice Subramonium Prasad rejected the petition, which has challenged the notifications by the RBI and SBI enabling exchange of Rs 2,000 banknotes without requisition slip and identity proof.

With inputs from agencies