Former PM Manmohan Singh hits back at Narendra Modi on demonetisation and makes complete sense

Manmohan Singh said PM Modi's call for people to wait for 50 days does not work for poor people.

Former Prime Minister Manmohan Singh on Thursday led the opposition charge in Parliament over demonetisation, terming the move as monumental mismanagement by the Modi government.

“It is important to take note of the grievances of the people sufferings,” Singh told Rajya Sabha

Here are the highlights from his speech in Parliament:

  • Change of rules every day reflects poorly on part of PM’s office and the Reserve Bank of India.
  • PM must come with some constructive proposal how we can implement the scheme.
  • I want to ask PM that can he name any country where people have deposited their money but are not able to withdraw it.
  • PM said wait for 50 days but for the poor people, even 50 days can be detrimental.
  • At least 60-65 people have lost their lives, what has been done can weaken our people’s confidence in currency and banking system.
  • Those who say demonetisation is good in the long run should recall quote “In the long run we are all dead”.
  • I hope that PM will help us find practical ways to give relief to the sufferings of people.
  • Cooperative banking sector which is serving large number in rural sector is not operational.