Former Prime Minister Gives His Opinion On Currency Ban


Currency Ban
Man holding Indian rupee notes

Former Prime Minister and Economist Mr. Manmohan Singh has a low key image. When he was the PM, he was often portrayed as a mute. After the bold step of the current Prime Minister on the note ban, Manmohan Singh, came into the spotlight and termed the whole situation as an “organized loot”. He predicted this step would lead to 2% falling in GDP.

Many politicians and public figures came forward on twitter and debated on and against the significant points made by him. This is seen as one of the most impactful debate so far on demonisation in Rajya Sabha.

After Rahul Gandhi, Chidambaram and Anand Sharma’s dramatic reaction on the ban, it was the former PM’s valid points which was like a cold thrash for the BJP.

He didn’t oppose the step but he wanted the right implementation of the scheme. He was listened carefully by every individual presented there. Being a renowned economist, he didn’t made false dramatic statements about problems faced by the poor but made legit and practical problems with the poor implementation of the policy.

He praised the motive of the policy and encouraged the citizens to participate in the scheme and have faith on the Prime Minister. He said he understands the sufferings of the common people who are facing problems due to chaos and lack of money. He added that demonetization should have been planned properly before executing it for the people.

He threw light on the falling GDP rate and the death of 60 people on various occasion on note ban, he said this is a problem not only for the citizens but also for the entire nation.

He called the scheme an “organized loot” and “legalized plundering”. 

He raised a question to the RBI Governer, Mr. Urijit Patel about his poor handling of the whole scheme as it is the responsibility of the RBI to manage the money flow in the economy of the country. He also drew attention to the poor banking functions and problems in money exchange.

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Former Prime Minister Gives His Opinion On Currency Ban

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