New Delhi: In his first reaction to Prime Minister Narendra Modi's decision to scrap Rs 500 and Rs 1000 notes from midnight last night, Finance Minister Arun Jaitley today described it as a 'very bold' measure that will have ' positive and transformative' impact on the economy and would prove to be game-changer.
‘’There is a smile on the face of the honest, while the dishonest people are the worried lot. In fact the new measures would change the very lifestyle of people, ’’ Mr Jaitley told public broadcaster Doordarshan a day after the Prime Minister announced the unprecedented crackdown on black money in a televised address to the nation.
All reactions that were coming were indicated that people were now feeling proud, to be honest and thinking that ‘’it pays to be honest,’’ he said. The Finance Minister dismissed all arguments about the difficulties to be faced by the people due to scrapping of the currency notes of 500 and 1000 denominations, saying ample arrangement had been made to see that small needs of people were fulfilled, though he did not rule out that some inconvenience would be caused to the people temporarily. ‘’This argument is baseless and is being given by those who just wanted more time to use their black money,’’ Mr Jaitley said. He, however, conceded that some inconvenience would be caused to the people temporarily.
High value currency notes ban to change the face of India economy : Naidu
Welcoming the demonitisation of Rs 500 and Rs1000 currency notes by the Narendra Modi Government, Andhra Pradesh Chief Minister N.Chandrababu Naidu today said the Telugu Desam party has been on the forefront of the demand for ban of high-value currency notes. This move will change the face of Indian economy, Mr Naidu twitted. Re-introduction of Rs 500 notes introduction of Rs 2000 notes needs elaborate discussions and alternatives should be looked into, he said. Centre needs to reassess the steps and tread with caution before introducing new denomination currency notes to eliminate stash, Mr Naidu said in the tweet.
Swaraj India backs Govt's decision to demonetise Rs 500, Rs 1000 notes
Swaraj India party today extended its support to the Modi Government's decision to demonetise the existing high denomination notes of Rs 500 and Rs 1000 terming it is a big and bold step which was needed to counter fake currencies. "Our party supports the decision taken by the central government to demonetise the existing high denomination notes of Rs 500 and Rs 1000 and to replace these by a new series of notes.
This is a big and bold step, a much needed one, to counter fake currency notes and deserves to be supported," the party in a statement here said. "The currency changeover may help to cut down a part of the ‘black money’ that is stacked in cash, provided all the loopholes are duly covered. We have to wait for the next 50 days to see how the government prevents 'black' money hoarders from converting it into 'white'," it observed.
However, the party said that this decision would not affect much of the black money that has entered the stock market or real estate or has been parked outside the country via dubious financial instruments. "The real test of the government is how it is going to protect rural population from enormous harassment and distress in this post-harvest, marriage season," the party said, adding, a failure to protect the hard earned money of the poor could endanger this entire transition. In a decisive step to curb black money, Prime Minister Narendra Modi announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight last night.
Prez welcomes demonetisation of currency from midnight
President Pranab Mukherjee today welcomed the step taken by the Government to declare that Rs 1000/Rs500 notes will cease to be a legal tender from midnight and called on people, not to panic. ''President Mukherjee welcomed the bold step taken by the Government, which will help in unearthing the unaccounted money, as well as counterfeit currency. ''He called upon the people not to panic and follow the Government's guidelines for exchanging currency notes of Rs 1000/500 denomination available with them.
He reminded that all currency notes below Rs 500 will continue as legal tender,'' a Rashtrapati Bhawan Spokesperson said. Prime Minister Narendra Modi called on President Mukherjee this evening and briefed him of the Government's decision to declare that all Rs 1000 and rs 500 currency notes will cease to be legal tender from midnight of tonight. He also informed that these notes can be used for certain purpose for a limited period. President Mukherjee called upon all persons to avail upon the opportunity provided by the Government to exchange currency notes of Rs 1000 and 500 denomination for new legal tender.
Baba Ramdev congratulates PM on bold move against black money
Yoga guru and the founder of Patanjali, Baba Ramdev congratulated the Prime Minister Narendra Modi on the bold move. He said that it was good decision to attack black money. It may be recalled that Baba Ramdev has in the past have been vocal proponent of the very move that took place today. Ramdev has been very vocal on the issue of black money and has even suggested ways to deal with it, one which was also doing away with bigger currency denominations.
Reacting on the government decision he said “I would like to congratulate PM Modi on making such a good decision, on black money. I have spoken with Prime Minister Narendra Modi, Finance Minister Arun Jaitley and BJP President Amit Shah on this issue." Ramdev, who is considered close to the ruling BJP and had expressed his ‘dissatisfaction’ on the steps taken by the Modi government on the issue of solving the menace of black money, has been known to suggest the move the very first time.
Cricket fraternity comes out in support of PM's anti black money policy
Several star India cricketers have come out in support of Prime Minister Narendra Modi's idea to hit the black money out of the park after banning the currency notes of Rs 500 and Rs 1000.
Cricketers like Virender Sehwag, Harbhajan Singh, Anil Kumble took to micro-blogging website 'Twitter' and expressed their views on the PM's idea of curbing black money.
Former India opener Sehwag, who is these days considered the undisputed king of the micro-blogging website, tweeted,"In America they will count votes.In India count Notes.
Tonight just notice d houses that dont have lights off,Note Counting On.#BlackMoney.
" Team India's head coach and legendary spinner Kumble said,"Massive googly bowled by our Hon.PM @narendramodi today.Well done Sir! Proud of you!!.
" BCCI Chief Anurag Thakur also praised the PM's effort saying," Black Day for #BlackMoney hoarders!#IndiaFightsCorruption#TransformingIndia by @PMOIndia." Similarly, turbanator Bhajji tweeted," Massive sixer by @narendramodi ji to discontinue the use of 500 and 1000 rupee notes to curb #BlackMoney.Brave move! We're proud of you!.
" Notably, in a sudden address to the nation last night, PM Modi declared that the currency notes of Rs 500 and 1000 will no longer be used for any transactions, describing the move as a fight against the disease of black money.
Modi has created financial anarchy: Left
Communist Party of India (Marxist) general secretary Sitaram Yechuri today alleged that demonetisation of Rs 500 and Rs 1,000 notes by the Narendra Modi-led government has pushed the country into total financial anarchy. It was just another effort by the Modi government to divert the attention of the people from the real issues, he added. "The decision of the NDA government has created panic among the common masses. The poor fighting to fulfill their daily needs are the most harassed lot," he said. Mr Yechuri said that the issue would be highlighted during the coming winter session of Parliament.
Talking to UNI here on the sidelines of the Left Front rally to showcase their unity before the crucial Assembly elections early next year, Mr Yechuri contradicted the reasons given by the Prime Minister for last night's action. "The PM gave four reasons for the withdrawal of the Rs 500 and Rs 1000 currencies-- firstly to end corruption, secondly to prevent counterfeiting of the currency notes, to prevent misuse of currency for terrorism and lastly for countering black money. But I challenge PM in all the four reasons-- PM did not assure that the act will end corruption, counterfeiting of currencies would again start once the new notes comes in circulation, terrorists mostly use the facility of electronic transfer and lastly over blackmoney, Mr Modi had said that the entire black money of the country is stashed in foreign countries and in offshore haven," he claimed.
The CPI(M) general secretary said that if Mr Modi government was really serious about ending corruption and black money, they why was it not stopping the donations funded to the political parties and not disclosing the names of the big bank defaulters who have a loan amounting of Rs 11 lakh crores even after the directives of Supreme court. Claiming that the move to end the currencies was just any effort by the BJP to divert the attention of the people, he said at the mid-end of the NDA government, they have nothing to showcase as the unemployment graph in the country has gone up, the growth rate has dipped while the inflation was high hence they had to do something to show that they are working. Mr Yechuri, who did not rule out the act of the BJP-led government at the Centre aimed at the crucial Uttar Pradesh Assembly polls, said that this saffron brigade could do anything to get political mileage. ''But this would not give them any benefit as people are feeling cheated by the BJP," he further said. (UNI)
Ordinary people of country thrown into utter chaos: Rahul on NDA decision to demonetise Rs 500/1000 notes
Slamming the NDA Government for its decision to demonetise the currency notes of Rs 500 and Rs 1000 denomination, Congress vice president Rahul Gandhi today said that the decision had thrown ordinary people into utter chaos while the real culprits sat tight on their black money stashed away abroad in bullion or real estate. ‘’Once again, Mr Modi shows hw little he cares abt ordinary ppl of this country-farmers,small shopkeepers,housewives-all thrown into utter chaos.
While the real culprits sit tight on their black money stashed away abroad or in bullion/ real estate.Well done Mr Modi,’’Rahul tweeted. The Congress vice president also wondered whether the decision to replace Rs 1000 with Rs 2000 notes would stop hoarding of black money. ‘’One Q for the PM: How is replacing 1000 rs notes with 2000 rs notes going to make black money hoarding a lot harder?,’’Rahul tweeted. The NDA Govenrmet yesterday decided to demonetise Rs 500/Rs 1000 currency noted from midnight last night. (UNI)
Withdraw draconian decision: Mamata to Modi
Alleging Prime Minister Narendra Modi’s decision to cancel high denominations notes as a drama to divert his failure, West Bengal Chief Minister Mamata Banerjee today lambasted at the central government and asked to ‘withdraw the draconian decision’. “This is a financial chaos and disaster let loose on the common people of India. While I'm strongly against black money, corruption, deeply concerned about common people, small traders.
How they will buy essentials tomorrow?” she said. In a series of tweet she questioned Prime Minister’s decision, “The PM could not get back the promised black money from abroad from the rich so he has created a drama to divert his failure. I want to know from PM how my poorest brothers sisters who've received their week's hard earned wage in one Rs 500 note will buy atta, chal, tomorrow?
Kejriwal re-tweets Mamta's comment describing Govt decision as "draconian" step
Delhi Chief Minister Arvind Kejriwal today did not make any comment on the Central government's decision to abolish notes of Rs 500 and Rs 1000 denomination, but re-tweeted his Bengal counterpart Mamata Banerjee's comment in which she describes it as "draconian". "WITHDRAW THIS DRACONIAN DECISION," the Bengal Chief Minister said in a tweet. In a decisive step to curb black money, Prime Minister Narendra Modi announced demonetisation of Rs 1000 and Rs 500 notes with effect from midnight while addressing the nation this evening. (UNI)