Former PM Dr Manmohan Singh, who led the opposition charge in the Rajya Sabha, highlighted the problems of demonetisation.
“It is important to take note of the grievances faced by the people over demonetisation in the country. The PM has said that we should wait for 52 days, it is a short period. But for those who are poor and deprived, those 50 days can bring about a disastrous affect in the country,” said Dr Singh.
The former prime minister said demonetisation can weaken and erode the confidence in the currency and banking system in the country.
“I would want to know from the PM the names of any countries he may think of where people have deposited money in the banks, but are not allowed to withdraw their money. This alone I think is enough to condemn what has been done in the name of demonetisation,” said Dr Singh.
“In my opinion this scheme of demonetisation, the way it is being implemented will hurt the agriculture growth in our country, will hurt small industry, will hurt all those people who are in the informal sectors in the economy,” he added.
Dr Singh further said the national income that is the GDP of the country can decline about two percent as a result of this move.
“This is an underestimate and not overestimate, therefore, I feel that the PM must come with some constructive proposal of how we can implement this scheme and at the same time prevent this distress that has been caused to the common people. It is no good that every day the banking system comes with modification of the rules, the conditions with which the people can withdraw money that reflects very poorly on the PM’s office, on the FM’s office and on the RBI,” said Dr Singh.
“I am very sorry that the RBI has been exposed to this sort of criticism which I think is fully justified,” he added.
The Rajya Sabha earlier witnessed noisy scenes after the Opposition demanded that Prime Minister Modi should be present in the House during the resumed discussion.