Former Prime Minister Manmohan Singh addressed the Raj Sabha on Thursday and said that demonetisation as a case of organised loot and legalised plunder. He expressed his sadness at the ‘monumental mismanagement’ that had taken place. The former Prime Minister, who is also a renowned economist said that it was important to take note of the grievances of the people who were suffering. He further noted that 60-65 people had lost their lives due to a decision that had been taken to weaken the people’s confidence in the currency and the banking system.
Speaking about PM Modi’s urge of waiting for 50 days till the worst is over, Manmohan Singh said that even those 50 days could be detrimental for the poor. He asked the Prime Minister to name one other country where people had deposited their money in the banks but were not being able to withdraw it. He suggested that the Prime Minister must come with some constructive proposal how to implement the scheme properly.
Speaking about the rural areas in India, he said that the co-operative banks which serve a large number in the rural sectors were not operational. Manmohan Singh finally spoke about the people who said that the demonetisation scheme was good in the long run and reminded of a quote which said that all of us would be dead in the long run. He finished with the hope that the Prime Minister, Narendra Modi would find a practical solution to provide the suffering people with relief.