Arun Jaitley vs Dr Manmohan Singh on Demonetisation

The two eminent politicians from opposing parties went ahead and shared their views on the gigantic move.

Manmohan Singh and Arun Jaitley share their views on note ban

(Photo altered by The Quint)

Just a day ahead of the first anniversary of demonetisation on 8 November, the two politicians from opposing parties went ahead and shared their views on the gigantic move.

While Former PM Dr Manmohan Singh stuck by his words and called it an “organised loot and legalised plunder”, Arun Jaitley hit back claiming that a political move taken with moral and ethical correctness cannot be called a loot.

Talking about the objectives of demonetisation, Singh claimed that a year into the move, none of the objectives that were promised were fulfilled. However, Jaitley claimed that the effects of demonetisation could be measured through the increase in the number of tax-payers as well as squeeze in terror funding.

We know by now that none of the stated objectives of eliminating black money, terror financing and counterfeit currency have been met. To promote a less cash economy, coercive steps like demonetisation are ineffective.

Manmohan Singh, Former Prime Minister 

Dr Manmohan Singh claimed the biggest visible failure of demonetisation lies in the decline of GDP growth rate to 5.7 percent.

Admitting that demonetisation is not the only way to stop black money and tax evasion, Jaitley claimed that it has had a considerable impact on the Indian economy since it stirred the present situation.

The status quo needed to be shaken up. It’s not that demonetisation is one solution that will solve all problems. When there are excessive cash transactions, then there is a call for tax evasion. 

Arun Jaitley, Finance Minister

Video Editor: Ashutosh Bhardwaj

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