“This iconic step taken by our PM Narendra Modi is a good move for our farmers and rural India- a real new phase of economy and a death knell to Black Money”, said Dr U S Awasthi MD of the largest cooperative federation in the country reacting to the govt move to fight black money.
Other cooperative leaders also hailed the govt decision on Rs 500 and Rs 1000 currency ceasing to be legal tender. Cosmos Bank group chairman Mukund Abhyankar said “Black money will be checked is immediate result. But this may also encourage paperless banking ie debit/credit cards, cheques etc.”
Abhyankar further added “Finance to terror activities will tumble down and fake currency of high value notes will crash.”
IFFCO MD who tweeted thrice on the issue said “#IFFCO welcomes this bold, courageous & historic step taken by the brave & visionary leader like our PM.”
In the third tweet Awasthi added “Congratulations PM @narendramodi for a fantastic & bold move against black money to ban Rs 500 and Rs 1000 notes. I welcome it wholehearted.”
R S Sodhi, MD of GCMMF which owns famed brand Amul is retweeting PM take on the issue. Giving details he tweeted “Here is what you can do. #IndiaFightsCorruption.”
In a mail sent to Indian Cooperative Sodhi said “It’s a extremely courageous step which will reduce black money circulation and also reduce inflation. We have ensured that milk supplies not affected due to bank closure and had advised our channel partners to accept 500 and 1000 notes for two days”.
UCB expert Dr Krishna said “Some drastic step was overdue to make dent on black money and corruption. PM showed courage to bite the bullet. In spite of many practical difficulties that we all me encounter initially,we must nevertheless support PM wholeheartedly now. One important remark in his speech was that Govt. would ask RBI to ensure that 500 and 2000 denomination notes(new series to be introduced) do not account for very high value of cash money in circulation. Presently it is said to be around 85% which is far too high. The only fear is that informal economy which is important segment and which employs bulk of our population should not shrink on account of the demonitisation of high denomination notes”.
Modi’s Cabinet colleagues have been overactive on twitter once the news broke as Union Agriculture Minister Radha Mohan tweeted “ Radha Mohan People friendly measures to minimise inconvenience. #IndiaFightsCorruption.”
SS Ahulwalia said “Congratulations to Prime Minister Shri @narendramodi on yet another bold step towards truly #TransformingIndia.”
Modi himself called it a historic decision to weed out the evils in economy & secure India’s future. He further said “There comes a time in the history of a country’s development when a need is felt for a strong and decisive step. For years, this country has felt that corruption, black money and terrorism are festering sores, holding us back in the race towards development.
To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper, Modi underlined.