Jaitley: Maximum black money generated under Manmohan regime

New Delhi: Finance Minister Arun Jaitley on Thursday retaliated to the Oppositions' allegations against the government over demonetisation decision, saying they were inventing reasons to escape from debate on the issue.

He also took a dig at Manmohan Singh, who earlier in the day on Thursday criticised demonetisation, saying that the erstwhile Prime Minister is unhappy with the decision as maximum black money was generated under his rule.

Rubbishing Sing’s claims that GDP growth would plunge by 2%, Jaitley said demonetisation would have positive effect on the economy over medium to long term as the money from shadow economy will find its way into the mainstream.

"People who considered generation of so much black money and scams during their tenure as blunder and now tagging the crusade against black money as blunder," remarked Jaitley.

He made the remarks after Manmohan Singh, during Rajya Sabha debate, condemned the ruling NDA government and Prime Minister Narendra Modi over demonetisation, saying its implementation was a "monumental management failure" and a case of "organised loot and legalised plunder."

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Lashing out at the Opposition, which continuously kept disrupting the Upper House of the Parliament demanding PM Modi’s presence, Jaitley said they weren’t willing to participate in the debate.

"From day one itself, the government’s stand is very clear that we are ready for the debate. But the Opposition is inventing new excuses to avoid discussion but today morning they were left stunned when we announced that the Prime Minister will join the debate.

"Now they are against inventing and manufacturing issues to escape the debate," Arun Jaitley told reporters here.

The FM further added that the measure taken by the government would enhance the lending capacity of the banks which would help in extending money to farmers, social sectors and also industries.

On being asked to point out difference between the erstwhile UPA and the current NDA governments, the FM said the previous government had "policy paralysis" and thus, could not take tough decisions unlike the Modi dispensation.

Reacting to the allegations that some BJP leaders were aware of the move, while Jaitley wasn't informed, the FM said, "This decision was kept a secret. The people who needed to know, knew (about it)... the allegation is already contradictory that the information was known to some BJP members as though I was not a BJP member."

Arun Jaitley also rebuffed the allegations that RBI Governor Urjit Patel escaped from addressing the media after the demonetisation announcement, saying the "office people are supposed to perform" and not come out in front of the camera.

Baking the government’s decision, he said that they have taken the right step in the right manner and would surely defend it. He also rejected the JPC demand made by some the of Opposition parties, saying there has to be some evidence or blame for initiating such probe.