Demonetisation was organised loot: Manmohan Singh

Manmohan Singh gujarat

Tomorrow we mark one year since the disastrous policy was thrust on the people of our country. He also called demonetisation "organised loot and legalised plunder" and stated that none of the objectives outlined during its announcement have been met. "November 8 is a black day for Indian economy", he said.

Responding to critics of demonetisation, the Finance Minister said his government did not claim that note ban will put an end to corruption once for all, but it was certain that reducing the circulation of cash in the system had made indulging in corruption a very hard proposition. The PM has also accused former Prime Minister Rajiv Gandhi and said the latter refused to combat the menace of corruption.

"An anti-black money drive is a moral step, loot is what happened in 2G, in Commonwealth Games 2010 and in coal block allocation", Jaitley said taking a dig at the Congress.

On the eve of the first anniversary of the note ban move, Singh launched a fresh bout of criticism against Modi government to discontinue currency notes of Rs 500 and Rs 1000. Despite the rebuttal from the ruling dispensation, Singh's words turned prophetic and India's GDP growth fell from 7.9% to 5.7%.

Earlier addressing the India Today Conclave, Jaitley sought to puncture claims that demonetisation had adversely impacted the small and medium businesses, a bulk of which were in the unorganised sector.

Along with demonetisation, GST has sown a deep-rooted fear of tax terrorism among the business community. For that we have to achieve 35% of growth rate per year. "This is awful for India's economy". "Good governance involves both the head and the heart and it pains me to say that the Union government has completely failed to do its duty on both fronts", Singh told the audience in Ahmedabad.

Rodney Harrison Believes Giants Players Don't Respect Ben McAdoo
Should the Giants decide to burn the whole thing down and start over, no amount of Super Bowl good will would keep Eli in NY . However, the Giants could save millions in cap space by deciding to cut him during the upcoming offseason.

A total of 18 Opposition parties have chose to observe November 8 as "Black Day" with protests and rallies across states to highlight "the cash crunch and economic slowdown", with Congress vice-president Rahul Gandhi meeting industrialists in Gujarat's Surat to highlight their "woes".

'This twin blow is a complete disaster for our economy. It has broken the back of Small and Medium Enterprises (SMEs) in the textile hub of Surat alone where 60,000 looms have been discarded since July. Did he think about the impact on those who toil in the informal sector whose earnings dried up because of shortage of cash? In the rest of the country, it is equally bad if not worse. In the first half of fiscal year 2016-17, India's imports from China stood at Rs 1.96 lakh crore. Undisclosed income admitted and detected, taken together, amount to Rs 29,213 crores, close to 18 per cent of the amount involved in suspicious transactions, he said. The unprecedented growth in imports from China can be attributed to demonetisation and GST.

Former prime minister Manmohan Singh argued the opposition's case, claiming that not only was demonetisation a flawed decision that had caused a needless disruption to the Indian economy, but it also risked unleashing harassment by tax sleuths probing illegal deposits. He mentioned that the bullet train project will neither benefit five crore Gujaratis nor the nation as a whole. He said that "Did the PM consider the alternative of the high speed train by upgrading broad gauge railway?"

"Is everyone who questions the outcome of demonetisation and GST a tax evader?"

The former PM said: "By questioning bullet trains, does one become anti-development?"

Related News:



Most liked

Facebook Messenger payments arrive in the UK
David Marcus, head of Messenger , said that, in the USA , most people use payments in Messenger to send less than $50 at a time. Additionally, Apple has its own Venmo-like money transfer service in the works that's due to be released sometime this fall.

Charitable foundation funds health care enrollment marketing
The time restraint is keeping health care agencies busy helping Suncoast residents pick the right plans for them. This is the most anyone has to pay for covered services in a plan year - not counting the premium costs.

Legislators Criticize the US Decision on Nicaraguan Immigrants
They called for TPS to be extended at 18-month intervals, as the current law requires, until Congress hammers out a legal fix. Nicaraguan immigrants, who have lived in the United States for almost two decades, will have 12 months to leave their homes.

Former MLB, Syracuse Chiefs ace Roy Halladay dies in Florida plane crash
In his first start with the Phils, Halladay allowed just one run in seven innings with nine strikeouts against the Nationals. Investigators say they have not found a flight plan so they don't know how many people were on the plane.

Patton Oswalt Has Officially Tied the Knot With Meredith Salenger
Salenger shared photos from their engagement on Instagram, touting herself as "the luckiest happiest girl in the universe". Oswalt looked dapper in his gray suit, while Salenger, stunned in her off-the-shoulder bridal gown.

PlayStation Trophies Can Now Be Used To Buy Games (With A Catch)
The idea that they now have a material reward will perhaps coax the more casual players into keeping an eye on unlocks. Now, with Sony Rewards , earning trophies will let you rack up points to spend towards digital game discounts.

Alec, Hilaria Baldwin reveal gender of baby No. 4
Follow Independent Culture on Facebook for all the latest on Film, TV, Music, and more . He then concluded it was for Rose McGowan to prosecute that case.

Pentagon: Invasion Only Way to Destroy North Korea's Nuclear Arsenal
They said South Korea's promises that it will not deploy additional parts of the THAAD system, will not join the U.S. Donald Trump addresses United States troops at Yokota air base in Fussa, on the outskirts of Tokyo.

Target joins retailers in kicking off Black Friday deals early
Deals and offers are valid through Saturday, November 18, including a FREE $10 Toys "R" Us Gift Card on purchases of $75 or more. In contrast, Target decided it would close between midnight and 6 a.m. on Black Friday and is opening at 6 p.m. on Thanksgiving.

Koenigsegg sets new production auto speed record at 447 km/h
Towards the end of the second run, the Agera RS even surpasses 450 km/h - close to the speed of a small aircraft. It's the same model that set a new world record for 0-249-0mph earlier this year - in just 36.44 seconds.

Airtel Rs 448 Plan
Under the new plan, those who recharge with Rs 399 will get 90GB 4G data for six months along with unlimited local and STD calls. Talking about the Rs 448 prepaid plan first, the new pack offers you unlimited local and STD calls to all networks for 70 days.

United Kingdom diesel vehicle sales fall by almost a third in October
Overall, fewer new cars are being registered. "This is being compounded by confusion over Government policy on diesel", he said. For diesel the fall was even more marked, the 62,349 cars registered down 30%, or nearly a third, on the same month in 2016.

Security personnel, three terrorists killed in Pulwama encounter
He said as the forces were conducting searches in the area, they were fired upon by the hiding militants triggering a gunfight. Senior Superintendent of Police (SSP), Pulwama , Aslam Choudhary, confirmed the killing of a soldier in the encounter.

Another hearing set over Cowboys RB Elliott's ban
"I had no idea when I came in on Friday that I was going to have the chance to come in". Carney, a judge on the 2nd Circuit, wrote in Friday's filing.

US Service Member Killed in Afghanistan
A North Atlantic Treaty Organisation helicopter crashed last week in the province in an incident that wasn't due to enemy fire. Thirty-three-year-old Cribben was supporting the unilateral USA mission in Afghanistan - Operation Freedom's Sentinel .