Soon after Prime Minister Narendra Modi’s interview started playing on India Today channel regarding his ‘biggest economic reform’, demonetisation, Union Minister M Venkaiah Naidu asserted that things will improve for the better across the spectrum of economic activities and lifestyle after December 30 – the deadline of 50 days that was provided by the PM himself after he junked Rs 500 and Rs 1000 currency notes.
Naidu, while saying that the situation will return to normal soon, also added that, “It doesn’t depend on one individual or one agency, we have Reserve Bank, we have banks, we problems of transportation, distribution, non-working ATMs. And some people are trying to hold money and convert. We have all these things but I am sure that by the middle of January things will be almost normal. Things will improve after December 30, I am confident.” Naidu added, “People should understand it’s a big radical step that PM Narendra Modi has taken.”
Venkaiah Naidu said, “Cash withdrawal limits will be taken away, but will take time. There will be peaceful life for all honest people after normalcy returns.”
— India Today (@IndiaToday) December 29, 2016
On the question that most, if not all, the Rs 500 and Rs 1000 notes have returned to banks, minister said, “Whatever has come back to banks is not all white.”
In an interview to the India Today magazine PM Modi discussed the various aspects of demonetisation. “We took the decision on demonetisation for to effect long-term structural transformation. Our objective clearly was to clean our economy and society of the menace of black money,” he said.
PM Modi clarified government’s frequent modification in rule post demonetisation. We must distinguish niti and ran-niti (policy and strategy). Demonetisation decision was our ‘niti’ and our ran-niti is different to stay a step ahead of enemies as ‘tu daal-daal, main paat-paat’.
“Holders of black money may hide behind bank accounts of others. But unlike cash holdings, now we can track them down. Invariably catching one culprit in this way leads to tracking down all those involved, PM further said.