Demonetisation is organised loot : Manmohan Singh.

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Johnson Cherian.
Former Prime Minister Dr. Manmohan Singh called the move to demonetise Rs. 500 and Rs. 1,000 notes “organised loot and legalised plunder” in the Rajya Sabha on Thursday.
Speaking during the upper house’s discussion on demonetisation, Dr. Singh said that while he didn’t disagree with the objective of the government, “monumental mismanagement has taken place.”
“Even supporters speak of the long run. Those who say demonetisation is good in the long run, should recall the quote: ‘In the long run, we are all dead’,” said the former PM. “I would like to ask the PM for examples of countries where people have deposited their money in the banks and not allowed to withdraw their own money,” he added.
Stating that the GDP can decline by three per cent, Dr. Singh said that the scheme will hurt small industries. “It is no good that on each day banks bring out new notifications. It doesn’t reflect properly on the PMO, Finance Ministry and the RBI,” he remarked.
“This move is organised loot and legalised plunder,” he said, adding that he “sincerely hopes PM will find practical , pragmatic ways to relieve the suffering of the people.”

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