Manmohan Singh On Demonetisation

Modi’s decision on demonetisation  was based on an utterly false [image error]premise –“That all cash is black money and all black money is in cash.” The former prime minister elaborates that the “vast majority of Indians earn in cash, transact in cash and save in cash, all legitimately… Unlike the poor, holders of black money have access to various forms of wealth such as land, gold, foreign exchange, etc.” This crucial point Modi did not understand, thus turning demonetisation into a “mammoth tragedy” that has “thrown into disarray” the lives of millions. – The Hindu  promodpuri.com