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Demonetisation after-effects to stay longer than expected: Chidambaram

 PTI |  2016-11-20 21:04:00.0  |  Mumbai

Holding that the demonetise move was not well thought out, former Finance Minister Periyappan Chidambaram on Saturday said its after-effects will continue for a longer period than expected. 

“You are seeing the first-order effects of withdrawing, sucking out 86 per cent of the currency in circulation from the market. The first order will continue for several weeks now. Then you will see the second-order effects,” Chidambaram said.

Talking about the first-order effects, he said there are many people now living with very less money and are not consuming, which means produce, especially perishable produce like vegetables, fruits, are not being sold. 

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