Former Prime Minister Dr. Manmohan Singh on Thursday called the notes ban in the country “organised loot and legalised plunder” in the Rajya Sabha. But the former Reserve Bank governor also said that the way this scheme has been implemented is a monumental management failure.
However, what is to be noted in his speech in Parliament today is the position he has taken over demonetisation. While many leaders have criticised the scheme as a “failure,” citing it doesn’t affect black money and corruption, Manmohan Singh restricted his criticism only to the manner in which demonetistion was implemented and the bad effects of demonetisation.
While criticising the impact of demonetisation, the economist had taken care not to dismiss the demonetisation and seek its rollback. Dr. Singh supported the government’s decision, agreeing with the arguments made by Prime Minister Narendra Modi while announcing the decision on November 8.
“Prime Minister has been arguing that this is the way to curb black money, to prevent growth of forfeiture currency notes and also to help in control of terrorist finance activities. I do not disagree with these objectives,” he said.
Going forward, Singh also sought an improvement only in the procedure, saying the government should come up with some constructive proposal to deal with the crisis.
“I feel that the Prime Minister must come up with some constructive proposal on how we can implement this scheme and at the same time prevent this distress that has been caused to the common people,” he added.
Reports later said Modi walked over to his predecessor and shook hands when the Rajya Sabha broke for lunch.