Point-counterpoint: What Manmohan, Modi said on demonetisation
A day after former Prime Minister Manmohan Singh called the process of demonetisation a “case of organised loot and legalised plunder of the common people”black money crackdown Updated: Nov 25, 2016 20:09 IST
A day after former Prime Minister Manmohan Singh called the process of demonetisation a “case of organised loot and legalised plunder of the common people”, Prime Minister Narendra Modi hit back at a function to launch two books at New Delhi on Friday.
He said some people are unhappy as they didn’t get enough time to “prepare” for this onslaught.
Here’s a look at the points and the counterpoints of Manmohan and Modi.
Singh: Prime Minister has said that we should wait for 50 days. But for poor and deprived sections of the society even 50 days of torture can bring about disastrous effects.
Modi: Common people have become the soldiers of this battle against corruption and black money.
Singh: I do not disagree with these objectives (curbing black money and corruption). But the way this scheme has been implemented is a monumental management failure. It is an organised loot, legalised plunder of the common people.
Modi: People are not criticising the objective. Some people are alleging the government has not done enough homework. These people are unhappy because the government didn’t allow people to prepare. If they were given even 72 hours they would have showered praise on Modi.
Singh: Those who say that this measure will be in the interests of the country in the long run should be reminded of what John Keynes said once, “In the long run all of us are dead.”
Modi: It’s a very big decision. I want to invite all political parties, social activists, the media to inspire people, teach them the use of digital currency.
Singh: It can weaken and erode our people’s confidence in the currency system and in the banking system. I would like to know from the Prime Minister the name of any country where people have deposited their money in the banks but they are not allowed to withdraw.
Modi: Everyone has the right to use his money. Nobody is stopping them. But it’s not necessary that money can be used only through cash transactions. You can spend your money through mobiles.
Singh: The GDP growth can decline by about 2 per cent as a result of what has been done.
Modi: Biggest beneficiaries of this demonetization drive are the municipalities. After it was announced, Rs 13,000 crore came as taxes. People have to think above political consideration to work for the benefit of the society.