CP Sharma, Chairman, CII Madhya Pradesh State Council said that Prime Minister forewarned the people, given enough time to declare their money and pay taxes. Demonetisation of Rs500 and Rs1000 is aimed at rooting out black money.
“Genuine people will not have any problem, only corrupt people and people with illegal money only need to worry,” he added.
Reacting to the bold measure to announced on Tuesday evening during an address to the nation by Prime Minister Narendra Modi, Sharma said that the impact of the decision to make Rs500 and Rs1000 no longer legal tender will be felt in addressing the issues of terrorism, counterfeit currency, and arms smuggling, as mentioned by the Prime Minister.
It would have economy-wide positive advantages in tackling the scourge of corruption that has taken hold in the country over the last several decades. Such an initiative was recommended by CII several times in the past.
“The CII has always supported measures to root out corruption and black money. CII’s code of conduct for ethical business prohibits bribery and money laundering and promotes ethical business dealings and compliance with laws on terrorist financing. In its submissions to the Government, it has suggested measures to address electoral spending, tackle black money and undertake steps to promote cashless transactions, he added.