In a facebook post, the former chairman of the Press Council of India, wrote that Modi government should immediately revoke this harebrained, asinine, madcap and reckless order.
He said,”At first many witless people were praising you, without realizing its practical implications, thinking you have by one stroke solved the problem of corruption and black money, but as they are now experiencing the follow out of this scatterbrained idea of yours and are feeling the pinch they have begun cursing you.”
Katju explains,”Everyone deals with 500 1000 rupee notes, because its purchasing power is the same as that of a 100 rupee note or so only a few years ago ( because of rapid inflation )..Because of your nitwit order, hawala dealers have been created in large numbers, who are doing flourishing business. These people will take a 500 rupee note and give 4 hundred rupee notes.”
He asked Modi government to catch ‘big sharks’ who have huge amount of black money stacked in foreign banks and to stop harassing the common man in India.