Praising the implementation of the demonetisation policy by the Narendra Modi government, Tata Sons interim chairman, Ratan Tata, today said that the bold step taken by the Prime Minister, to curb the flow of blackmoney in the country, will need the whole nation’s support.
In a tweet, expressing support towards the initiative taken by the central government, Ratan Tata stated that the black money economy in the country had ‘fueled tax evasion, money laundering and corruption.’
The interim chairman of the Tata Sons group claimed demonetisation as one of the three vital economic reforms in the country, apart from GST and Delicensing. Tata also lauded Modi’s recent focus on the digital modes of payments instead of paper currencies, and claimed that the use of e-transaction will ‘enormously benefit’ the common, underprevileged and the poor, in a long run.
Citing the increase in the circulation of blackmoney in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy, following which there had been an ban on currency notes of the denomination Rs 500 and Rs 1,000. With the implementation of the anti-graft policy by the center, there had been a chaotic situation among the common people in the country, with people desperately trying to replace their cash notes with the usable paper currencies from the banks and ATMs. And even as the policy completed two weeks of implementation, cash-starved people are seen standing in long queues, waiting for hours, outside the money-machines.
As the lack of usable cash hit the market, the use of digital payment system, saw a rapid rise among the common people of the country. E-wallet firms like Paytm,Mobiwik and Freecharge witnessed steep increase in their usage with people from unorganized sectors to street vendors using their e-transaction facilities, thereby initiating the formal use of cashless economy in India.