Logo


Manmohan Singh trashes Modi's cash crackdown as 'organised loot'

Former PM blasts PMO, finance ministry and RBI; sees GDP erosion by 2 percentage points

Former PM Manmohan Singh speaks in the Rajya Sabha in New Delhi (Photo: PTI)
Former PM Manmohan Singh speaks in the Rajya Sabha in New Delhi (Photo: PTI)

Former Prime Minister Manmohan Singh, in the Rajya Sabha on Thursday, said demonetisation of Rs 500 and Rs 1,000 currency notes was a “monumental management failure” and “organised loot and legalised plunder”. Singh, also a former Union finance minister and Reserve Bank of India (RBI) governor, said the decision would result in erosion of gross domestic product by two percentage points, adding that this was an “underestimate”. Highlighting the suffering of the poor, the former PM said his successor “must come up with some ...