OPINION

Demonetisation

Making of a mammoth tragedy
11.12.16 - Manmohan Singh

The decision to demonetise will cause grievous injury to the honest Indian who earns wages in cash. The dishonest black money hoarder will get away with a mere rap on the knuckles.

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. 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.

The Prime Minister in his address to the nation said, "there comes a time in the history of a country's development when a need is felt for a strong ...
  



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