New Delhi: Former Union Finance Minister P. Chadambaram on Saturday criticised the Narendra Modi government`s decision to demonitise Rs 1,000 and Rs 500 currency notes, saying the the move pushed the common man into misery and despair.

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"This scheme is not demonetisation. This is `Old Notes for New`. Unprepared government pushes common people into misery and despair," Chaidambaram said in a tweet.

He also accused the government for not coming up with any concrete action plan to implement the scheme.

"The half-baked plan has benefited only touts and middlemen. Government should publish the 2012 CBDT report that advised against demonetisation," he said.

The Central Board of Direct Taxes (CBDT) had advised the government to avoid issuing Rs 2,000 currency notes, saying it would bring more harm to the public than benefit.