1. World media reacts after PM Narendra Modi bans Rs 500, Rs 1,000 notes: From ‘ambitious’ to ‘confusion’, check out the reactions

World media reacts after PM Narendra Modi bans Rs 500, Rs 1,000 notes: From ‘ambitious’ to ‘confusion’, check out the reactions

Just a few hours after PM Narendra Modi announced the ban by the Bharatiya Janata Party (BJP) led NDA government on Rs 500 note, Rs 1,000 note and unveiled a new Rs 500 note plus a new denomination in the form of the Rs 2,000 note, the world media reacted with a bit of shock curiosity.

By: | New Delhi | Updated: November 9, 2016 4:19 AM
The Washington Post in the US reacted in a positive manner, calling PM Narendra Modi's initiative as 'ambitious'. The Washington Post in the US reacted in a positive manner, calling PM Narendra Modi’s initiative as ‘ambitious’.

Just a few hours after PM Narendra Modi announced the ban by the Bharatiya Janata Party (BJP) led NDA government on Rs 500 note, Rs 1,000 note and unveiled a new Rs 500 note plus a new denomination in the form of the Rs 2,000 note, the world media reacted with a bit of shock curiosity. Needless to say, tens of thousands of tourists and hundreds of thousands of globe-trotting businessmen are in India at any given point of time and as many are getting ready to jet down to the sub-continent on a daily basis and these media organisations would be the first to inform them about these changes that could well turn their jaunt here into a nightmare. After all, they would be the ones carrying the largest denomination notes and to find yourself in a strange country with all the currency in their pocket turned into so much useless paper, all these travellers would be searching for solutions. So, check out here what two foreign media organisations had to say about the momentous changes made by the Narendra Modi government on Tuesday night.

Amongst the first out of the blocks on covering this biggest newsbreak (yes, it is on par with the US elections in terms of import and consequences thereof) was the venerable BBC. It looked to believe that the step was not really well thought out: “Much of the government’s new initiative remains mired in confusion. It is not clear exactly what will be the effect on the money supply or whether it will take out a lot of cash in circulation.” Considering that the Indian hinterland is crucial to the implementation of all governmental policies, BBC added: “Questions arise as to the impact in rural areas. Will they still use the old notes or will ‘a black market in black market notes’ emerge?”

The Washington Post in the US reacted in a positive manner. It called PM Narendra Modi’s initiative as ‘ambitious’ and in keeping with his election time vow to initiate a crackdown against black money. The Post said black money in India ‘is estimated to total from$400 billion to more than $1 trillion’.

The Financial Times in UK also put out a story and said that, ” India just took another big step in its long-running battle to crack down on the shadow economy.” However, it quoted Eswar Prasad, an economics professor at Cornell University, as saying, “This move will at best put a modest and temporary crimp on illicit activities in the absence of other reforms.” It also quoted  Tushar Arora, an economist at HDFC Bank, as saying that the sudden step “might lead to some confusion in the near term” and there was the possibility of short-term cash shortages if the transition were not handled smoothly.

  1. A
    Alok Agrawal
    Jan 7, 2017 at 8:52 pm
    Indian Prime Miniter Modi got hung Publically :P
    Reply
    1. S
      Satish Kumar
      Nov 18, 2016 at 5:10 am
      Sources please. I read this news in watsapp and trying to trace original articles. Any decent journalist would have given links to the respective articles but when you are in the business of doing propaa, journalism takes a back seat.
      Reply
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        B S
        Dec 5, 2016 at 12:40 pm
        For removing the odd remarks cashless market to be started at village level under panchayat and in the blocks under strict vigilance.
        Reply
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          Dhirendra Shrivastava
          Nov 13, 2016 at 9:22 am
          strike on black money, Here how world media reacts.
          Reply
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            Aam Aadmi
            Nov 18, 2016 at 5:15 pm
            We must appreciate Modi ji. This is the boldest move ever! regards, BJP IT Cell propaa team volunteer.
            Reply
            1. N
              Natarajan Ramasamy
              Nov 8, 2016 at 9:20 pm
              Any country which has allowed for a long period,deep rooted corruption from the top most politicians to the lower most government servent,with hawala transactions used by them for money laundring,voters being bought by black money,business using black money to cirvent taxes, huge investments in cinema business with black money, and when the country's safety is threatened by terrorists using counterfeit notes,needs this sort of solution only.Take cue from UK/US. Strengthen the debit card use safety and encourage use of these cards,by incentives. Even today many insutions charge fee on debit card payments. Some of the VISA forwarding services donot accept debit cards/cheques! PRINT inconvienient, BIG SIZED currency notes to discourage, their use.World media- each country will look at it as how it will be beneficial OR detrimental to them. We bother about ourselves.
              Reply
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                Pawan Kumar
                Nov 9, 2016 at 7:11 am
                We must appreciate this bold step of our respected PM Mr. Modi and more reforms are in Que to be launched very soon. Jai Hind, Sir
                Reply
                1. D
                  David Messy
                  Nov 21, 2016 at 6:18 am
                  Poor preparation and Heavy Melody Drama
                  Reply
                  1. S
                    sajender singh
                    Nov 9, 2016 at 6:58 am
                    We 'AS CITIZEN OF INDIA' must appreciate the QUANTUM OF BOLDNESS by the GOVERNMENT OF INDIA under leadership of PM...MR. MODI.Citizen with malafied intention must be ready to face such surgical strikes for the betterment of our own country and surrender themselves.
                    Reply
                    1. S
                      sunil
                      Nov 9, 2016 at 4:09 am
                      One who is honest and real well wisher of nation can do that only and that is one and only PM MODI at the moment.........GREAT STEP!!!
                      Reply
                      1. S
                        Surender Paul
                        Nov 9, 2016 at 3:37 am
                        Modi Ji one of the best surgical strike on black money tum jiyo hazaro saal (.) thumahre jaisa na tha na hoga (.) you are great (.) I am proud of my Prime minister Thankyou Surender Paul
                        Reply
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                          Dillip Kumar
                          Nov 25, 2016 at 2:38 pm
                          The best Priminister in INDIA and the best leader(JANANAYAK) in the WORLD. We all salute him and to his strong decession against black money. Long live NARENDRA MODI, we all love you.
                          Reply
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