Jaitley hits back to Chidambaram, says corruption peaked at Congress time

"Corruption, scams peaked in Congress period. Given this scandalous record it is uncomfortable with anti-corruption steps. So it's understandable that they are uncomfortable with this strong step by the Modi Government," Jaitley said.

The Finance Minister said during the ten-year Congress rule from 2004 to 2014, high denomination currency increased to 80 per cent from 36 per cent of the total currency.

"Our strategy is to move to a low cash economy ... "As more and more transactions are made cashless, they will come under taxation.. (and with this) taxes will be made more reasonable, both direct and indirect,” Jaitley said.

"Future transactions will be substantially digital and once they are substantially digital they get caught in the tax net" he added.

"We are now rapidly completing the demonetisation scheme, significant amounts will be injected in next 3 weeks", the Minister said.

His reaction came after former Union Finance Minister and Congress leader P Chidambaram said how the new notes of 2000 denominations are finding way to the hands of touts and hoarders should be probed and the government should he held accountable.

Addressing a press conference in Nagpur, Chidambaram said the government cannot merely brush aside the issue by saying the Income Tax department is investigating it.

"There should be a special investigating team to probe how 2000 rupee note get into the hands of individuals," he said.