'Scars and wounds' caused by demonetisation more visible with time: Manmohan

In a scathing assessment of the demonetisation exercise, former Prime Minister Manmohan Singh said the "scars and wounds" it caused are getting more visible with time and the decision's second anniversary is a day to remember how "economic misadventures" can roil the nation.

The senior Congress leader asked the government to not resort to further unorthodox, short-term economic measures that can cause any more uncertainty in the economy.

Describing demonetisation as an "ill-fated" and "ill-thought" exercise, Manmohan said in a statement that the havoc it unleashed on the Indian economy and society is now evident to everyone.

On November 8, 2016, Prime Minister Narendra Modi announced a ban on then in use Rs 1,000 and Rs 500 denomination bank notes with immediate effect.

"'Notebandi' impacted every single person, regardless of age, gender, religion, occupation or creed," Manmohan said.

"It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds of demonetisation are only getting more visible with time," the former prime minister said.