Demonetisation is an organised loot: Manmohan Singh

“Those who say demonetisation is good in the long run, should recall the quote: ‘In the long run, we are all dead’,” he said.

Former Prime Minister Manmohan Singh speaks in the Rajya Sabha on Thursday.

Former Prime Minister Manmohan Singh termed in the Rajya Sabha on Thursday the demonetisation of Rs. 500 and Rs. 1,000 notes an “organised loot and legalised plunder.”

Dr. Singh said that while he didn’t disagree with the objective of the government, a “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’,” he said during the discussion on demonetisation,

. “I would like to ask the Prime Minister for examples of countries where people have deposited their money in banks and not allowed to withdraw their own money,” he observed.

The GDP could decline by three per cent. 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.

Dr. Singh said he “sincerely hopes the Prime Minister will find practical , pragmatic ways to relieve the suffering of the people.”