After calling it organised loot, Manmohan Singh terms demonetisation a ‘disastrous policy’ thrust on people

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New Delhi | Updated: November 7, 2017 1:25:17 PM

Ex Prime Minister Manmohan Singh on Tuesday slammed Narendra Modi government for the decision to demonetise high-value currency notes last year.

manmohan sing on demonetisation, mms on demonetisation, mms modi, demonetisation 1 year, 1 year of demonetisation, manmohan singh ahmedabad rally, manmohan singh rally in ahmedabadSlamming centre, Singh said that no where in the world has any nation taken “such a drastic step that sweeped off 86% of the currency”.

Ex Prime Minister Manmohan Singh on Tuesday slammed Narendra Modi government for the decision to demonetise high-value currency notes last year. Speaking at a public gathering, Singh said that far from being anti-black money day, 8th November was a black day for the Indian economy. “Tomorrow we mark one year since the disastrous policy was thrust on the people of our country,” Singh said in Gujarat’s Ahmedabad.  Slamming the Centre, Singh said that nowhere in the world has any nation taken “such a drastic step that swept off 86% of the currency”.

He also pointed out that demonetisation as a coercive step to promote the less-cash economy. “To promote less cash economy coercive steps like Demonetisation are ineffective,” Singh said. “I repeat what I said in the Parliament, this was organised loot and legalized plunder,” Singh said.

The former prime minister further described demonetisation as a reckless step, saying that none of its objectives achieved. He also spoke vividly on GST implementation. Singh said that compliance requirements under GST have become a nightmare for small businesses.

Singh made his remarks while addressing small businessmen on GST and other issues. Singh’s visit comes a day before Congress vice-president Rahul Gandhi’s likely tour of Surat as the Congress marks the first demonetisation anniversary on November 8 as ‘black day’.

To be updated

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