Demonetisation is organised loot, legalised plunder: Manmohan Singh

November 24, 2016

New Delhi, Nov 24: Stepping up the opposition tirade against demonetisation, former Prime Minister Manmohan Singh today castigated the government and the Prime Minister over the move, saying its implementation was a "monumental management failure" and a case of "organised loot and legalised plunder."manmhn

Singh, who spoke in the presence of Prime Minister Narendra Modi in Rajya Sabha, said the decision will result in decline of GDP by 2 per cent, it being an "under-estimate".

He hoped the Prime Minister will find a practical and pragmatic decision to mitigate the sufferings of the common man and the poor who have been in distress after the decision.

He said agriculture, unorganised sectors and small industry has also been hit hard by it and people were losing faith in the currency and banking system.

"These measures convinced me that the way the scheme has been implemented, it's a monumental management failure. And in fact, it is a case of organised loot and legalised plunder.

"It is not my intention to pick holes what this side or other side does. But I sincerely hope that the PM even in this late hour will help find us practical and pragmatic ways to provide relief to the suffering of the people of this country," he said in Rajya Sabha as the debate on the issue resumed after Modi came into the House.

Earlier, Leader of Opposition Ghulam Nabi Azad requested Chairman Hamid Ansari and Leader of the House Arun Jaitley that the Question Hour should not be taken up as the Prime Minister was present in the House and the debate be taken up.

Azad's request was readily accepted by the government with Jaitley saying that the debate should start immediately and Modi will certainly participate in it.

Participating in the resumed debate, Singh said it is important to take note of the grievances of the ordinary people who have suffered as a result of this imposition on the country "overnight" by the Prime Minister.

"My own feeling is that the national income, that is the GDP of the country, can decline by about 2 percentage points as a result of what has been done. This is an under-estimate and not an over-estimate.

"Therefore, I feel the Prime Minister must come with some constructive proposal on how we can implement the scheme and at the same time prevent the distrust that has been caused to the common people," Singh said.

The former Prime Minister did not agree with the Prime Minister's plea to wait for 50 days for the results of demonetisation to come about, saying no one knows about the final outcome of the decision.

"Well 50 days is a short period, but for those who are poor and deprived sections of the community even 50 days of torture can bring about disastrous effect. And that's why about 60 to 65 people have lost their lives. Maybe more.

"What is more is, what has been done can weaken and erode our people's confidence in the currency system and in the banking system," he said.

Asking Modi to spell out the names of countries where people have deposited their money in banks but are not allowed to withdraw their money, he said, "this alone I think is enough to condemn what has been done in the name of greater growth."

He said the scheme of demonetisation, the way it is being implemented, will hurt agricultural growth in our country, small industry and all those people who work in the informal sectors of the economy.

Singh, an eminent economist, criticised the government for issuing fresh instructions and modifying the rules every day on the conditions under which people can withdraw their money.

"That reflects very poorly on the Prime Minister's Office, the Finance Minister's office and on the Reserve Bank of India. I am very sorry that the Reserve Bank has been exposed to this kind of criticism which I think is fully justified," the former Prime Minister said.

He said though he agreed with the objectives of the scheme to demonetise currency notes of Rs 500 and Rs 1000 as spelt out by the Prime Minister, he wished to highlight the problems that the common people and poor have been subjected to by the move.

"But I do want to point out at least that in the process of demonetisation monumental mismanagement has been undertaken about which today there is no two opinions in the country as a whole," he said.

Referring to those saying that the move which was doing harm and creating distrust in the short run was good in the long run, Singh quoted John Maynard Keynes to say that "in the long run, all of us are dead".

"I urge upon the Prime Minister to find practical, pragmatic ways and measures to relieve the distress of the people, who happen to be a great majority of our people. After all 90 per cent of our people were in the informal sector, 55 per cent of our workers in agriculture are feeling distress," he said.

He also noted that the cooperative banking system which served large number of people in rural areas was non-functional and has been prevented from handling cash.

The senior Congress leader said though it is not his intention to pick holes in what this side or other side does, but hoped that the Prime Minister "even in this late hour will help find us practical and pragmatic ways to provide relief to the suffering of the people of this country".

Comments

Wonder Kotian
 - 
Thursday, 24 Nov 2016

Our Great Iron Man said correct, But he is trying \Dog's tail putting inside pipe\" but after removing same situation, Hindustan totally destroying already most of the business, Trading, Industry's totally loss point."

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News Network
April 16,2020

Bengaluru, Apr 16: With two more people testing positive for COVID-19 in Karnataka, the state's corona cases count has reached 279, including 80 discharged and 12 deaths, said the government on Wednesday.

A total of 19 corona cases were confirmed in the state on Wednesday. 17 cases were reported earlier in the day, of which 15 are male patients and two are female. Of the 17 cases, nine are workers of a pharmaceutical company in Mysuru, the government stated.

Meanwhile, a 65-year-old from Chikkaballapur, who had tested positive for COVID-19, lost his life this afternoon.

"He was referred to a Bengaluru hospital with complaints of H1N1 positive, chronic obstructive pulmonary disease with obstructive sleep apnea and a past history of diabetes and hypertension," the government said.

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News Network
April 26,2020

Bengaluru, Apr 26: Two businessmen brothers, Tajammul Pasha and Muzammil Pasha, in Karnataka's Kolar district have set out to help people in need amid the lockdown over the COVID-19 pandemic by selling their land for Rs 25 lakh.

On seeing daily wage labourers and their families in Kolar suffer during the lockdown, the brothers said they decided to sell their land and use the money to buy essentials and food grain for a large number of poor people.

The brothers also bought oil and cereals with the money. Then they set up a tent next to their house and started a community kitchen to make food for labourers and homeless people.

"Our parents died early. When we shifted to our maternal grandmother's place at  Kolar, people from communities, Hindus, Sikhs, Muslims helped us survive without any religious bias," said Tajammul Pasha, visibly emotional.

The Pasha brothers are into banana cultivation and real estate. Tajammul was five and his sibling Muzammil was three when they lost their parents. They had to move from Chickbalapor to Kollar, where their grandmother lived.

"We were brought up in poverty. We survived because of the support of people of all communities and religions. We have signed the society agreement bond and handed it over to our friend who purchased our site and gave the money," the brothers said.

Once the lockdown ends and the land registrar's office opens, the remaining steps to transfer the land will be completed, they said.

So far the two brothers have supplied food grain, oil, sugar and other essentials to over 3,000 families. They have also given hand sanitizers and masks to the poor.

The Kolar administration has issued passes to their volunteers so that they can help in this difficult time.

The number of coronavirus cases in India has increased to 24,506, including 775 deaths, the Home Ministry said today, adding that 1,429 cases and 57 deaths were reported in the last 24 hours.

Amid a countrywide lockdown to check the spread of the highly contagious illness, which began on March 25, the government last night issued an order to allow neighbourhood shops to remain open with conditions; malls across India continue to remain shut.

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News Network
May 21,2020

Mangaluru, May 21: The Supreme Court has awarded Rs 7.64 crore compensation to the next of kin of a man who was killed in a crash-landing of Air India Express Flight 812 from Dubai in Mangalore on May 22, 2010. The accident killed 158 out of 166 passengers on board.

The family of the 45-year-old Mahendra Kodkany, which include his wife, daughter and son, were earlier granted Rs 7.35 crore as compensation by National Consumer Disputes Redressal Commission (NCDRC). This compensation will now get enhanced after adding 9 per cent interest per annum (on the amount yet to be paid), to be paid by Air India.

Kodkany was the regional director for the Middle East for a UAE-based company. The aircraft overshot the runway and went down a hillside and burst into flames.

A bench comprising Justices D.Y. Chandrachud and Ajay Rastogi said: "The total amount payable on account of the aforesaid heads works out to Rs 7,64,29,437. Interest at the rate of nine per cent per annum shall be paid on the same basis as has been awarded by the NCDRC. The balance, if any, that remains due and payable to the complainants, after giving due credit for the amount which has already been paid, shall be paid within a period of two months."

The apex court noted that in a claim for compensation arising out of the death of an employee, the income has to be assessed on the basis of the entitlement of the employee. The top court said: "We are unable to accept the reasons which weighed with the NCDRC in making a deduction of AED (UAE currency) 30,000 from the total CTC. Similarly, and for the same reason, we are unable to accept the submission of Air India that the transport allowance should be excluded. The bifurcation of the salary into diverse heads may be made by the employer for a variety of reasons."

The top court observed that the deceased was evidently, a confirmed employee of his employer. "We have come to the conclusion that thirty per cent should be allowed on account of future prospects", added the court.

The top court noted that if the amount which has been paid by Air India is in excess of the payable under the present judgement, "we direct under Article 142 of the Constitution (discretionary powers) that the excess shall not be recoverable from the claimants," said the court.

Comments

A.Rahman
 - 
Friday, 22 May 2020

First of all  A Salute To Lawyer One Who Handled This Case Against Carriers Mismanagement Wrong Action.

 

Sure this is the second victory for the lawyer against arriers mismanagement.

 

Over all it is the sign  of a profesional ; qualified  eligble  lawyers efforts and right decision from a capable knowlegable judge. Suit case operating lawyers cannot handle such specilized cases.

They lawyer may handled rest of the vicitms cases or he not. But for his siincere efforts for the past ten years delcares whatn he  is. Am personally met him and  witnessed his court appearance  hope and wish him all the best and success .

 

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