Demonetisation was organised loot: Manmohan Singh

08 November, 2017, 00:40 | Author: Alicia Barber
  • Narendra Modi GST Himachal Pradesh Gujarat Manmohan Singh Jawaharlal Nehru National Textile Corporation

Singh also called the Modi government's ambitious bullet train project between Ahmedabad and Mumbai an exercise of vanity while stating that it would neither benefit the 65 million Gujaratis nor the rest of the country.

Tearing into the ruling Bharatiya Janata Party (BJP) government at the Centre, former Prime Minister Manmohan Singh on Tuesday said the "attitude" of suspecting everyone to be a thief or anti-national just because they don't agree with you is "damaging to democratic discourse". While opposition parties have chose to observe Wednesday as a "black day", the BJP has dubbed it "anti-black money day".

He said demonetisation had "ethical and moral" rationale behind it and therefore it was also "politically correct".

Jaitley said one of the important objectives of demonetisation was "to make India a less cash economy and thereby reduce the flow of black money in the system".

Jaitley said this while addressing a press conference on the eve of one-year of demonetisation. "I remember feeling shocked when I heard the Prime Minister's (Narendra Modi's) announcement and I wondered who advised him to inflict such a reckless step on our nation, and whether any considered thought went into it".

Dr Singh said that "demonetisation was clearly not the way to end the menace of tax evasion and black money".

Harvey Weinstein hired elite intelligence agency to target accuser Rose McGowan, others
Last night, it was announced that Weinstein has received a lifetime ban from the Academy of Television Arts & Sciences. More than anything, I hope these revelations put to rest this idea that women should "just speak up".

"Demonetisation, poor implementation of GST (goods and services tax) and the rise of tax terrorism under the guise of controlling corruption have seriously damaged the investment climate for small businesses", Singh added. The BJP, on the other hand, will counter the move by celebrating the first anniversary of the financial decision as "anti-black money". "It had been suggested many times in the past as well, but as a responsible government we never took such a drastic measure", he said.

He also alleged that the fact that nearly 99% of the demonetized currency came back into the banking systems has punctured the government's claims.

PM Modi has accused former Prime Minister Indira Gandhi of not going for demonetization when needed, and said he would not have had to carry out the big task if she had taken the step years ago.

"If the impact of demonetisation was that huge on informal sector, there would have been social unrest", Jaitley said, adding any adverse impact of the two back-to-back reforms " GST and demonetisation" were "almost behind us".

Comparing the escalating rise in India's imports from China, Singh said the country's import in first half of 2016-17 was worth Rs 1.96 lakh crore, whereas in 2017-18 it increased to Rs 2.41 lakh crore. Every one percent loss of GDP annually costs our nation 1.5 lakh crore rupees. Instead of providing relief to the poor and the marginalized, farmers traders and the small and medium business, who suffered the repercussions of demonetization, the government is still claiming it to the right moves and that the Indian economy was on the right track and it furthermore to increase the suffering thrust the badly-designed GST. "Demonetisation and GST have sown a deep-rooted fear of tax terrorism among businessmen".

Demonetisation has proved to be a mere bluster to reap political dividends, while the real offenders have escaped, the former Prime Minister states. This was done by the government without paying any heed to our advice, both in Parliament and in private consultations.Compliance requirements have become a nightmare for small businesses.

Recommended:

  • Trump Actions on Protected Status Prompt Outcry from Latino Lawmakers, Advocates

    Trump Actions on Protected Status Prompt Outcry from Latino Lawmakers, Advocates

    In addition, the DHS said the Nicaraguan government did not request that TPS be extended for its citizens in the United States. They called for TPS to be extended at 18-month intervals, as the current law requires, until Congress hammers out a legal fix.
    Iran Parades Powerful Missile on 38th Anniversary of US Embassy Takeover

    Iran Parades Powerful Missile on 38th Anniversary of US Embassy Takeover

    Tighter security was handled by Iranian police and the hard-line Islamic Revolutionary Guard Corps. State television said similar celebrations were being held in other Iranian cities and towns.
    Axed David Luiz watches Chelsea win from stands

    Axed David Luiz watches Chelsea win from stands

    The Italian gaffer added: "I decided this tonight, maybe I can decide a different way in the future". Every day you put my future [in the spotlight]. "Sometimes I can do the best things for my team".
  • Great Dane Christensen proof Chelsea system works - Emenalo

    Great Dane Christensen proof Chelsea system works - Emenalo

    The win in west London was without David Luiz - who was omitted from the squad after falling out with Conte. He has previously fallen out with Diego Costa and Nemanja Matic, who both left the club.
    Broadcom plans Qualcomm bid according to sources

    Broadcom plans Qualcomm bid according to sources

    The deal represents a 28% premium to Qualcomm's share price prior to rumors of the deal which sent the stocks higher last week. The company has gone so far with its Apple fight that it recently filed a lawsuit seeking to ban sales of the iPhone in China.
    Donna Brazile to Critics: 'Go to Hell,' I'm Telling My Story

    Donna Brazile to Critics: 'Go to Hell,' I'm Telling My Story

    By September 7, the day I called Bernie, I had found my proof and it broke my heart. Hillary Clinton won the Democratic primary by 4 million votes.
  • Disney Held Talks to Buy 21st Century Fox's Entertainment Assets

    Disney Held Talks to Buy 21st Century Fox's Entertainment Assets

    The deal, should it proceed, could happen during a prime time for Disney , which is planning to launch its own streaming service. Chief Executive Bob Iger has said he plans to retire from Disney in July 2019, and the company is searching for a successor.
    Auto  slams into NSW classroom: 2 boys dead

    Auto slams into NSW classroom: 2 boys dead

    Two eight-year-old boys were critically injured and were unconscious when they were taken to The Children's Hospital at Westmead. She explainned: "There were a number of distressed and overwhelmed children and teachers at the scene of a frightful accident".
    FSU Imposes Interim Suspension on Fraternities, Sororities After Student's Death

    FSU Imposes Interim Suspension on Fraternities, Sororities After Student's Death

    Tallahassee, Florida police said Pi Kappa Phi pledge Andrew Coffey, 20, died at an off-campus chapter party on Friday, Nov. 3. In a separate and unrelated case, fraternity member, Garret Marcy of Phi Delta Theta was charged with selling drugs.
  • Netflix Email Scam Targets Millions Of Subscribers

    Netflix Email Scam Targets Millions Of Subscribers

    Police are warning those who receive the email to avoid clicking on any links or open attachments from any trusted organisation. Police are urging the community to watch out for a scam email targeting Netflix subscribers , Queensland Police say.
    Kmart Black Friday 2017 ad leak

    Kmart Black Friday 2017 ad leak

    For instance, at Harbor Freight Tools, the 17-foot Type 1A Multi-Task Ladder was on sale for $115 during Black Friday 2015. Most Kmart stores will be open from 6 a.m. -10 p.m. on Thanksgiving, before reopening at 6 a.m. on Black Friday.
    Thousands of North West workers set for living wage pay rise

    Thousands of North West workers set for living wage pay rise

    It differs from the government's national living wage, which replaced the minimum wage for workers aged 25 and over in April 2016. However, Lidl has not formally accredited with the Living Wage Foundation , which would commit the firm to pay rises every year.


Popular

Send money to friends in Messenger
The new payments feature will compete against a growing number of P2P payment apps like Venmo, Paypal , and several others. SOCIAL NETWORKING GIANT Facebook has launched its payment by Messenger service to United Kingdom users.

Ezekiel Elliott's Attorneys Attempting To Reach Settlement With NFL
ESPN reported earlier Sunday that Elliott's outside attorneys have attempted to reach a settlement with the NFL. He was never charged with a crime by the Columbus, Ohio, authorities who investigated the allegations.

Three terrorists, army man killed in an encounter in Pulwama
Additional security forces were rushed to further cordon off the areaand foil any attempts by militants to escape. Police officials confirmed to Kashmir Life that three militants and the army man were killed in the encounter.

Woman Who Flipped Off Trump Motorcade Loses Her Job
She said she doesn't lament her activities, including: "In some ways, I'm improving the situation than at any other time". Akima, a holding company of multiple construction, technology and operations firms, does work with the USA government.

OnePlus 5T will be officially unveiled on 16 November
Also, the device is shown to be running the Android 7.1.1 Nougat operating system and not the latest Android Oreo. More importantly, perhaps, the company's CEO, Pete Lau, has hinted broadly at the pricing of the OnePlus 5T .