Former Finance minister P Chidambaram on Tuesday hit out at the Union government terming the demonetisation move as the "biggest scam of the year' and demanded that it be investigated."This is an absurd move by the government. No one has any good word to say on this. It's a thoughtless move, and no one in the world has a good word for it. Every major newspaper and economist has condemned it," Chidambaram said.

He said there was an illusion created that the move would hurt the rich and help the poor, but no rich person is concerned. He asked how were hoarders getting new notes and said the suffering in rural India was indescribable and that the government was punishing farmers.  He said that bribes were now being paid in Rs 2000 notes.

The former finance minister added, "The government should have consulted at least Yashwant Sinha (former finance minister in the Atal Bihari Vajpayee cabinet), he is their own man. They could have consulted Mr Manmohan Singh. Are you suggesting that the former PM if consulted by the present PM, will betray a secret?  India is going through a phase of tepid growth. Absurd move, which country in the world has a cashless economy!"