Even as demonetisation has its share of critics, Prime Minister Narendra Modi considers it to be a major move by his government which helped in curbing black money and keeping the pre-poll promise. Several warnings were issued to the black money holders in advance, he said, adding that the noteban was a properly thought out strategy, not a hurriedly made move. “Demonetisation wasn’t a jhatka,” he told news agency ANI in a 95-minute-long interview.
People with illicit money were also asked to pay penalties with an assurance that the government would help them, he added. However, they thought that this government too would behave similar to predecessors, and very few came forward voluntarily, Modi said.
Not only did demonetisation help in checking black money, it also created fear among economic offenders such as Nirav Modi and Vijay Mallya. “Yeh kyun bhaagey? Notebandi ki wajah se” (Why did they flee? They fled due to noteban), he said.
These economic offenders would be brought back to the country either today or tomorrow, he said. Those who have stolen India’s money will have to compensate for each and every penny, he also expressed.
On November 8, 2016, the Modi government had announced the demonetisation of all Rs 500 and Rs 1000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new Rs 500 and Rs 2000 banknotes in exchange for the demonetised banknotes.
The government had claimed that the action would curtail the shadow economy and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.