Former finance minister P Chidambaram has given reasons why PM Narendra Modi's ban on Rs 1000 and Rs 500 notes is one of the biggest scam of the year. The former FM has also questioned the effectiveness of the move. Here's the reasons he has shared.

1. The focus has shifted from curbing black money to encouraging cashless economy.

2. If a person cannot fetch more than Rs 2000 a day, how come tax authorities are getting cores of new currency in raids.

3. Banks say, there is no enough cash, government says there is enough cash. Who is right?

4. Demonetisation is more lethal dent than a natural calamity

5. Won't be surprised if government withdraws Rs 2000 notes soon