Chinese Media : Modi's Currency Ban is a 'very bold' 'Gamble'

BEIJING, Nov 26: China's official media termed PM Modi's demonetisation decision as 'very bold' move. It expected that this 'gamble' would set a precedent irrespective of its success or failure. State run Global Times published an editorial with the title 'Modi takes a gamble with money reform'. It said "In India as more than 90% of transactions are made with cash, banning 85% of the currency in circulation surely brings a lot of trouble to common man's daily life" This editorial also quoted former PM Manmohan Singh's fierce criticism, who termed the currency ban and its implementation as 'monumental management failure' 'organised loot' and 'legalised plunder' of the economy. It expected that the surprising demonetisation can crackdown on shadow economy and corruption but it cannot solve the deeper political and social issues. "Currency ban is a gamble for PM Modi. He bet on both tolerance level of the Indian society and the implementation ability of the government, expecting that the benefits of this financial reform can outrun the negative social impacts as well as low morale," the Global Times editorial said.