INDIAN LEADERS DISAGREE OVER RUPEE

 THIS INDIAN APPEARED CONFUSED ABOUT THE RUPEE

INDIAN LEADERS DISAGREE OVER RUPEE
Former Indian Prime Minister Manmohan Singh has rubbished the government's move to ban two major currency notes, calling it "monumental mismanagement".
Mr Singh, the architect of economic reforms in the 1990s, said GDP would fall "by about 2%" because of the move.
Earlier this month Prime Minister Narendra Modi announced that 500 and 1,000 rupee notes had become illegal as part of a crackdown on corruption.
But scarcity of new notes has brought the economy to a virtual standstill.
Mr Singh, who is credited with opening up India's economy when he was finance minister in 1992, told MPs the move "can weaken and erode our people's confidence in the currency system and in the banking system".
He said it amounted to "legalised plunder".
Earlier, the rupee fell to almost 69 to the US dollar, a record low.
 [The] prime minister has been arguing that this is the way to curb black money... I do not disagree with these objectives, but there is monumental mismanagement of which there are no two opinions in the country as a whole," Mr Singh said.
"Even those who say that this measure will do harm or cause distress in the short term but be in the interests of the country in the long run should be reminded of what John Keynes said once, 'In the long run all of us are dead'."
Mr Singh has rarely addressed parliament in the two and a half years since his party lost power.
He and other opposition MPs are insisting that Mr Modi address parliament on the cash crisis, which he has not yet done
[The] prime minister has been arguing that this is the way to curb black money... I do not disagree with these objectives, but there is monumental mismanagement of which there are no two opinions in the country as a whole," Mr Singh said.
"Even those who say that this measure will do harm or cause distress in the short term but be in the interests of the country in the long run should be reminded of what John Keynes said once, 'In the long run all of us are dead'."
Mr Singh has rarely addressed parliament in the two and a half years since his party lost power.
He and other opposition MPs are insisting that Mr Modi address parliament on the cash crisis, which he has not yet done
In a related issue, Mr Bode Oluwafemi, The Deputy Executive Director of the Environmental Rights Action [E.R.A.]while speaking to The News Office Desk of Paedia Express Multimedia in Lagos, Nigeria said that he was in New Delhi attending an international conference on the environment when the financial land mark took place in India.
He noted that fears were rife on a possible inflation but he was sure that the main focus will be to break a hold on the forces of the black market:terrorists..
His words:”can you imagine,all the money I and Phillip had onus became very illegal as we could not by anything with it at all”
“Have you ever been stranded before  even when you are not financially broke,well that was the kind of the position we found ourselves”
He assured that the monetary policy change in one of the world’s most enduring democracy will sure have its ripple effect on south Asia ‘s economy in the medium and long term.
He revealed at the time that he was shocked that the entire nation did not revolt at the development with the opposition issuing a statement to on the matter.
He added that a particular ceiling had been put on the amount of money the people can spend or even keep at home as the Indian leadership looks for ways at cracking down on financial terrorism.
ORIGINAL REPORT BY THE BRITISH BROADCASTING CORPORATION[B.B.C]WITH ADDITIONAL REPORTS PROVIDED BY ABDULMUMINI ADEKU,PAEDIA EXPRESS,LAGOS,NIGERIA