Information and Broadcasting Minister M Venkaiah Naidu on Wednesday commended Prime Minister Narendra Modi's decision to scrap Rs500 and 1,000 notes, saying it will diminish parallel economy and that it is a massive setback for arms dealers.
"The process is aimed at rooting out black money. Genuine people will not have any problem — only corrupt and people with illegal money need to worry," he tweeted on Wednesday. Prime Minister forewarned the people, given enough time to declare their money and pay taxes, he added.
He reminded that the Government took lot of measures when it came to power to curb black money, tax evasion, and corruption. The Government has also taken steps to provide financial inclusion and social security to the people, the Government brought transparency.
Highlighting the benefits of the scheme to exchange old high value notes with new ones, he said, "Apart from corruption, this will bring down inflation, diminish parallel economy and is a huge setback for arms dealers."
Questioning the Congress, Naidu said, "Want to ask Congress why doubt the policy and create confusion, why this kintu-parantu (ifs' and buts')IJ This will do them no good." It is a pro-poor and huge step towards making India a cashless economy, he maintained.
Hailing the move, he earlier tweeted, "Historic revolutionary bold step by prime minister to cleanse public life from money power. Hats off to our Prime Minister for the bold decision." Entire country is very happy about it. Everybody is sending message congratulating historic step of the Prime Minister, only corrupt can weep and do not sleep, for entire country is rejoicing. Honest tax payer nothing to worry, every care will be to take to care of your interest. War on black money started, be aware it will continue," he added.
Minister of State for Home Kiren Rijiju said demonetisation move will lead to closure of "printing press" in Pakistan, where fake Indian currency notes are printed.
He congratulated the Prime Minister for the "bold decision and sharing Naidu's thoughts said that it will check corruption and black money besides curbing terror funding and circulation of fake Indian currency notes. He said fake currency note has become one of the major concerns for security agencies so far.