1. Rs 500 & Rs 1000 note ban: Nothing has come to a halt except black money, says Venkaiah Naidu

Rs 500 & Rs 1000 note ban: Nothing has come to a halt except black money, says Venkaiah Naidu

Union Minister M Venkaiah Naidu speaking at Economic Editors' Conference said that while the announcement to demonetise Rs 500 and Rs 1000 notes was sudden, there was a long preparation behind it.

By: | Published: November 11, 2016 11:56 AM
demonetisation, demonetization, 500 1000, 500, 1000, rs 500, rs 1000, naremdra modi, pm modi, venkaiah naidu, black money, modi black money, naidu black money Venkaiah Naidu said that the ‘historic step’ has been hailed by everybody except a few people who have vested interests. (PTI)

Union Minister M Venkaiah Naidu speaking at Economic Editors’ Conference said that while the announcement to demonetise Rs 500 and Rs 1000 notes was sudden, there was a long preparation behind it. He added that the ‘historic step’ has been hailed by everybody except a few people who have vested interests. Naidu accused the media of showing the inconvenience caused as dwelling on it. Naidu said, “Buses, metros, everything except black money is moving, nothing has come to a halt.” He added, “With the parallel economy acquiring menacing proportions, Government has taken this decisive and bold measure.” The Information and Broadcasting minister said that a State Information Ministers’ Conference will be held on December 9 and December 10. “We have decided to do away with the requirement for TV channels to renew their license annually,” Naidu said.

On the government decision of demonetising Rs 500 and Rs 1,000 notes, Naidu had earlier said that people who have earned their money with honesty need not worry and they should exchange their old currency notes at banks and post offices. “Do not panic. Your notes will not be invalid if money is valid. Only those who are corrupt, terrorists, money launders need to worry after the PM’s announcement to ban Rs 500 and Rs 1,000 notes,” Naidu had said, speaking at a MoU signing ceremony on the second day of Global Rajasthan Agritech Summit in Jaipur. Prime Minister Narendra Modi had on Tuesday night announced the withdrawal of 500 and 1,000 rupee notes from circulation in a bid to flush out black money. Naidu had also said, “Modi Ji has undertaken a mission. Even people have started understanding that Modi means ‘Making of Developed India’. This is why countrymen follow Narendra Modi. He tells his ‘Mann ki Baat’ and people accept it.”

(with agency inputs)

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