1. Arun Shourie attacks PM Modi’s demonetisation move, says it is not a strike on black money

Arun Shourie attacks PM Modi’s demonetisation move, says it is not a strike on black money

The demonetisation move of Modi government has found another strong critique in the form of former disinvestment minister Arun Shourie

By: | New Delhi | Published: November 18, 2016 10:50 AM
arun shourie, narendra modi, pm modi, demonetisation, noteban, cash crisis, cash chaos, india ban, rs 500, rs 1000, nda government, problems of demonetisation, demonetisation effect Arun Shourie says demonetisation is not the best way to attack black money hoarders.

The demonetisation move of Modi government has found another strong critique in the form of former disinvestment minister Arun Shourie. The former minister in the then Atal Bihari Vajpayee government has said that the demonetisation idea was not “well thought out”, even as the stated objective of the move may be good.

“The stated objective of getting at black money, everybody would say is wonderful. But I don’t think this is the strike, which has been well thought through. This is a strike not on black money. It is a strike on the legal tender of India, on the currency. It is a strike on cash transactions,” Shourie told NDTV.

He further argued: “People who hold the black money or those who have black assets, they don’t hold them in cash. One per cent of Indians hold 53% of total assets in India. 10% hold upto 85%. Now these are the rich fellows, who will be having even larger proportion of the black money. They are not going to put the black money under the mattress.”

While highlighting that the demonetisation move has affected lives of poor citizens, who mostly depend on daily cash for survival, Shourie suggested that the government should have taken other measures like the reform of tax administration to target black money hoarders.

Shourie mocked the claim that demonetisation is a radical move, good for the country in the long run.
“Jumping in well is also radical. Suicide is also radical,” he said.

Shourie has been critical of PM Modi’s decisions on several occasions in the past. Though Shourie said he supports the idea of shifting to a cashless economy, he doesn’t think that demonetisation is the right way to go about it.

  1. C
    Chander Pal
    Nov 18, 2016 at 8:14 am
    He is one of those who have been sidelined and hence takes up issues which do not warrant criticism. They still bask in the past glory. Those of 75 were given a due stature. Then persons like Shotgun Sinha, Kirti Azad etc tried to set up their own pedestal. Such news and similar news makers have to be taken with a pinch of salt.
  2. K
    Krushna Satapathy
    Nov 18, 2016 at 8:32 am
    This person have never hailed Modi ji for his good governance. Totally obsessed with Modi because he side lined. Un necessarily creating panic among citizens. If it is not a good move then why some are throwing high denomination notes?
  3. N
    Nov 19, 2016 at 6:39 am
    Totally disagree with Arun shourie views, on one end he is supportive of cashless economy other end he is opposing demonization(which is a kinda of going towards cashless economy). Also when he says most of the rich people are hiding their black ets this move will give those ders a strong message that they these ets can become worthless any moment of time. Salute the PM for this move as it's more about changing the mindset of us Indians than changing the reforms and policies which has failed to show any impact since independence.
  4. A
    Nov 18, 2016 at 5:53 am
    Mr. Shourie is quite sore that he has not been given any "position being his stature" in the central govt. I still remember how this same guy was praising Modi to the skies, as if Modi could walk on water, in 2013 and 2014. Now that he is without any post or position, Modi can do nothing right!! The old guy will be happy if he is made governor of some state. The guy is just another power hungry clown mouthing off nonsense!!!
  5. R
    Nov 18, 2016 at 5:41 pm
    He is a very ethical man - that is the impression I have. But the man opposing Demonetization is not the same Shourie I had known earlier.Let us give him benefit of doubt. May be he is old and without help so the change is a hle for him.
  6. C
    Nov 18, 2016 at 6:06 am
    Mr Shourie....................... fake currency from abroad , being used by terror outfits, hawala rackets, and 11 lakh crores expected deposit ----------- if all these are not justification what is ? you have no ideas for rooting out black money and seem to talk in the air ............. so much for armchair experts.
  7. D
    Nov 18, 2016 at 6:57 am
    On expected lines...Of late Mr Shourie has become predictable. He did not find support from Modiji for his political ambitions therefore he is bent on criticizing Modiji on the drop of a hat....even for something that is being praised all over the world...except by the Chinese who are worried about similar demands in their own country and therefore would want India to fail. Mr Shourie should tell the truth not do politics in such a situation especially when this exercise is almost coming to an end.
  8. A
    Against Sick
    Nov 18, 2016 at 7:04 am
    Mr Shourie's depsration is very apparent primarily because he was not included in the cabinet by Mr Modi. He's lost all the good sense and ranting like a commie these days
  9. G
    Nov 20, 2016 at 6:11 pm
    I had a high regard for Arun Shourie even though he has been expressing openly displeasure over Modi's policies actions. Now what he has said about demonetisation is shocking and i no longer regard him high. It is very clear he is still upset over not being allocated ministerial position in Modi cabinet. When all the experts like Bill Gates,Naryana Murthy, GuruMurthy and so many other personalities have welcomed the move, how on earth Arun Shourie can close his eyes to the long term benefits that wpuld accrued to India. How can he ume that there will be no further steps and mesaures against the big and rich. Modi has already said that there will more drastic measures to curb black money and those who hold benami ets which they pruchased through black money. It is sad, a person of Arun Shourie stature should talk like Kejriwal and Mamta who have no idea whatsoever about demonetisation. While the former is calling the move anti national and the latter is demanding roll back. Such is their level of ignorance. Has Arun Shourie not read the reports properly where it was reported the move of demonetisation was planned six months ago and all the aspects have been taken into account before it was decided to go ahead. The very nature of this move has to have elements of high secrecy and abruptness if it has to have an impact. Modi made it very clear in his speech that the People of the country have to put up with hardships until 30th Dec 2016. So what are these guys who oppose talk about? Don't they have a long term vision ? They all suffer from myopia.
  10. G
    Nov 20, 2016 at 6:14 pm
    Well said. You have left out the name of Navjoth Singh Siddhu. Their opinions hardly matter. It is as good as Kejriwal's, Mamta's and Rahul hi's. Has there been any substance ever in what they have said in the past.
  11. I
    Inder Jeer
    Nov 18, 2016 at 7:51 am
    Well Said Mr. Shourie.....This is a fact.....most of the Black Money is with all Biggies like Ambani's / Adani's etc.
  12. k
    Nov 28, 2016 at 3:29 pm
  13. R
    Rameswar Pattanayak
    Nov 18, 2016 at 6:44 am
    Is it not enough to understand that the step has resulted in ending crisis in Kashmir and cow trading at Bangladesh boarder. How much more u can expect? However Govt is at fault for not placing POS terminal at every shop /commercial establishment to accept card payment.
  14. P
    Nov 18, 2016 at 7:56 am
    I challenge you sir...dont just be critical for sake of Modi...Modi has given pain to so called intellectuals like you....sacks full of currency are found in my small city of Jamshedpur...
  15. T
    Nov 18, 2016 at 8:02 am
    Black money with biggies are not in cash but property and investigation has already started on that!!In 3 to 4 month they are going to be hit!It is rich medium sized,just below biggies and above middle cl who most black cash!
  16. T
    Nov 18, 2016 at 7:58 am
    These congress ministers are more knowledgeable than financial and economic expert on whose suggestion he started disinvestment but today those experts have be made null and void and are being shown back door just because it does not suit opposition politics!Grow up!!
  17. P
    P M
    Nov 18, 2016 at 6:15 am
    Who will listen to sane voice when Fools are rulers and s are supporters ..
  18. V
    Vikram Aditya
    Nov 19, 2016 at 7:11 am
    While I am not siding with the big business guys so much as against the illegal operators like the black marketeers, smugglers, drug peddlers etc. I'm with the big business guys so far as they create employment and generate returns for their investors... so, I will take Arun Shourie's stand with a pinch of salt... though I was his staunch admirer when he exposed the likes of Antulay and other economic offenders...
  19. A
    Nov 21, 2016 at 10:11 am
    These words have weight, goi should also tackle black ets . They are much bigger than black currency.
  20. V
    VIshal Verma
    Nov 18, 2016 at 7:56 am
    I agree to an extent - common people should not be hurt so badly by "strike". Had it been 1000 Notes demonetized, 500 Notes later, may have relaxed the situation. and after all - Material is replaced by another material. There may be "departments" dealing with each - other, hence gaps of re-calibration of ATMs, cash flow suffered in local markets MOST. Not to disqualify completely, the initiative sounds good and should continue in such way so that the stocking of money under the hoods by illegal means MUST COME TO HALT..
  21. Load More Comments

Go to Top