Maximum black money generated in UPA rule: Arun Jaitley

Maximum black money generated in UPA rule: Arun Jaitley

"It is important to take not of the grievances of the ordinary people who have suffered". I say so with all responsibility, we do not know what will be the final outcome.

Former Indian Prime Minister Manmohan Singh has rubbished the government's move to ban two major currency notes, calling it "monumental mismanagement". Fifty days is not a long time. "Take part in the survey on the NM App.", Prime Minister Modi tweeted. "So, all these measures convince me that the way the scheme has been implemented, it is a monumental management failure and, in fact, it is a case of organized loot and legalized plunder of the common people", he said.

Singh, whose own tenure as prime minister was blighted by several high-profile corruption cases, said he appreciated the idea behind demonetisation but urged Modi to find pragmatic ways to ease people's hardship.

Mr Singh, who is credited with opening up India's economy when he was finance minister in 1992, told MPs the move "can weaken and erode our people's confidence in the currency system and in the banking system".

Some experts say the demonetisation move has deeply damaged India's mostly cash economy where online transactions are uncommon and hobbled by a lack of connectivity and poor network across the vast countryside.

This comes after the Rajya Sabha was adjourned on Thursday again because of the ruckus created by the Opposition parties, demanding PM Modi to speak.

Leader of the House and Finance Minister Arun Jaitley said the Prime Minister will also participate in the debate.

"If it is on the demonetisation issue let the opposition resume the debate and let Dr".

Later when the House was resumed at 12 noon, Congress leader Ghulam Nabi Azad also criticised the prime minister's silence saying, "Democracy means dialogue not monologue. But it's obvious that the opposition is uncomfortable with the debate and are inventing ...a ... manufacturing reason to run away from the debate", the minister said.

"I want to know from the Prime Minister the name of any country he may think of where people have deposited their money in the bank but they are not allowed to withdraw their money. We are not against demonetisation, we are against the problems people are facing, you went ahead with the plan without preparations".

The issue of demonetisation has rocked both the Houses since the commencement of the winter session.

Dr Singh said that though he agrees with the PM's intent to flush out black money, the implementation of his initiative, which has forced long lines at banks for almost two weeks, amounts to "a monumental management failure".

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