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Demonetization is “monumental mismanagement” says Former PM Manmohan Singh

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The Former Prime Minister Manmohan Singh calling the move to ban 500 and 1000 notes “monumental Mismanagement……Organized loot and legalized Plunder” by Modi Govt in RajyaSabha on Thursday. He said that sudden ban on high value currency notes has made common man and small businessman of the country distressed. He remarked that GDP can decline by 2% points due to the way scheme has been implemented

Manmohan Singh talking about the grievance of the people suffering said 60-65 people have lost their lives and this currency curb move has weaken our people’s faith in currency and Banking system. It will disastrously affect our economy

Dr Singh said that Demonetization will hurt agriculture, small industries and unorganized sector of the economy. Adding to it he said in my view national income, that is, GDP will shrink by 2% and that is an underestimate not an overestimate. Therefore in my own opinion Prime Minister should come up with some constructive proposal on how this scheme can be implemented with prior consideration of common man. He added, PM said wait for 50 days but for the poor section of our country 50 days can be harmful.

Dr Manmohan Singh queried during a statement in the upper house “I want to ask the PM (Modi) if he can name any country where people have deposited their money but are barred from withdrawing their own income”.

The Former Prime Minister said by pointing out the Banking System added that its not good that everyday banking system comes with notification of the new rules and regulations and it reflects very poorly on Prime Minister’s office, the Finance Minister’s office and the Reserve Bank Of India (RBI). Cooperative Banking system which has been serving large population in rural sector is not functional and is prevented from handling cash.

Singh added “those who say demonetization is good in the long run should rephrase the quote “In the long run, we are all dead”. And I say so with all the responsibilities, that we don’t know what will be the final outcome.

Former PM further said that he sincerely hopes PM will find “Practical” & “Pragmatic” ways and means to provide relief to the suffering of the people of this country. With these words Dr Singh concluded his speech.

Article By: Mukesh

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24 Nov, 2016 – 06:18am

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