Demonetisation was an idiotic jolt: 8 things Arun Shourie spoke about

Note ban was the largest money-laundering scheme ever, conceived and implemented entirely by the government, he said.

economy news :Slamming the Narendra Modi government over sliding economic growth and increasing job losses, Arun Shourie, who was a union minister in the BJP-led government of Atal Bihari Vajpayee, has likened demonetisation with suicide, saying the latter is too “a bold step”.

Former Disinvestment Minister Arun Shourie told NDTV that note ban was the largest money-laundering scheme ever, conceived and implemented entirely by the government.

It was an idiotic jolt, he said.

Here are the highlights:

1. "Everyone who had black converted it into white. Demonetisation was an idiotic jolt." Arun Shourie

According to the RBI, almost 9 per cent of the banned currency has been returned to banks, which suggests that black or untaxed money was not destroyed by the giant move.

In November 2016, Shourie said, "I wonder how the move would help check black money which is lying in foreign shores. "The one who actually has black money, is he keeping it in India in rupees?...Those who have black money, they keep it outside. They buy companies, they buy estates. This dengue mosquito is flying in Switzerland and you are wielding the stick here?"

2. Event management

"Event management of the GST -- imagine! A tax reform is being compared to the independence of India" - Arun Shourie

Shourie was referring to the glittering special midnight session of the Parliament that prime minister Narendra Modi led on the eve of GST launch day.

At a glittering special midnight session of the Parliament, Prime Minister Narendra Modi today led India to its biggest indirect tax reform - Goods and Services Tax (GST).

The midnight session of Parliament was reminiscent of India's independence on the midnight of August 14 and 15 in 1947 when first Prime Minister Jawaharlal Nehru gave the historic speech on India's 'Tryst with Destiny'.....Read more