Punjab Chief Minister Parkash Singh Badal on Wednesday hailed the Prime Minister Narendra Modi’s bold initiative to stop circulation of Rs500 and Rs1,000 notes as legal tenders saying this will curb black economy.
“This out-of-box policy initiative to demonetise high denomination would be instrumental in stamping out the curse of black money, fake currency and corruption, which has plagued our economy since long,” said Badal.
He said the Prime Minister, from day one after assuming office, had been consistently and repeatedly impressing upon the countrymen to come clean on wealth accumulation by regularly paying taxes honestly to hasten the pace of overall development and social equity in the country.
Badal said the Prime Minister’s vision, coupled with financial prudence, would result in bringing financial discipline and probity in the Indian economy.
“The demonetisation of Rs500 and Rs1,000 will go a long way in thwarting the moves of our hostile neighbor across the border to push in counterfeit currency to propel terrorist activities in India, due to which Punjab has been bearing the major brunt,” he said.
Describing this major monetary initiative as a road map to promote transparency in financial transactions and probity in the nation’s economy, he said that India would soon be reckoned as a super economic power in the near future as this policy initiative will help in attracting more foreign direct investment (FDI).