New Delhi: Former Prime Minister Manmohan Singh on Friday criticised PM Narendra Modi over the decision of the demonetisation and termed it as a 'mere rap on the knuckles of the dishonest black money hoarder'.
In an article in the newspaper The Hindu, Singh wrote a structured response on the side affects of demonetisation and said that the 'faith and confidence' of 'hundreds of millions' of Indians have been 'shattered'.
"The decision to demonetise will cause grievous injury to the honest Indian who earns wages in cash. It is said that “money is an idea that inspires confidence". At the stroke of the midnight hour, on November 9, 2016, the confidence of more than a billion Indians was destroyed. Prime Minister Narendra Modi had declared that more than 85 per cent of the value of money held in notes of Rs.500 and Rs.1,000 was worthless overnight," Singh said.
"In one impetuous decision, the Prime Minister has shattered the faith and confidence that hundreds of millions of Indians had reposed in the Government of India to protect them and their money," Singh added.
The article further said the underlying premise behind the decision of the Prime Minister to render Rs.500 and Rs.1,000 currencies as illegal overnight seems to be this false notion that ‘all cash is black money and all black money is in cash’.
"This is far from reality," Singh's article read.
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