Manmohan Singh calls Demonetisation an 'organised loot and plunder'

New Delhi: Breaking his silence after 16 days, former Prime Minister Manmohan Singh, while speaking on Demonetisation in Parliament on Thursday, said that the decision of the government is nothing but 'organised loot' which would adversely affect agricultural growth, small industries and informal sector of the economy. While concluding his argument in an ongoing debate on the notes ban issue the former PM stated, “I conclude that it is a case of organised loot and legalised plunder.”

The decision is monumental management failure, says Manmohan singh:

The former finance minister of the country, Singh, called the demonetisation move as a ‘monumental management failure’ and can result in decline of Gross Domestic Product of the economy. “I feel the GDP can decline by 2 percentage point because of demonetisation.” He further stated, “I am not against the decision of eradicating the black money from the economy but the method of decision’s implementation is a total failure.”

What else Manmohan Singh said:

• I don't disagree with objective of acting against black money and terrorism
• It is important to take note of the grievances of the people... and I say so with all responsibility that we don’t know what will be the final outcome.
• 50 days may be a short period but it can be torture for the poor and that is why 60-65 people have lost their lives.
• It can weaken and erode people’s confidence in the banking system
• In my opinion, this scheme of demonetisation will hurt agricultural growth, small industries and the informal sector of the economy.
• I urge the Prime Minister to find practical, pragmatic ways to relieve distress placed upon a huge majority of people in India.
• Change of rules every day reflects poorly on PM’s office and Reserve Bank of India.

It may be mentioned that Finance Minister Arun Jaitley had earlier in the day proposed that Manmohan Singh should put forth his views in debate regarding the issue. "If it is on demonetisation issue, let opposition resume the debate and Dr Manmohan Singh speak," he had stated when Rajya Sabha resumed the proceedings on Thursday after it was adjourned on Wednesday last amid uproars of opposition parties over PM Modi's presence in the House.