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Short-term pain of demonetisation will pave way for long-term gains: PM Modi

As the Opposition marked the first month of demonetisation as a ‘Black Day’ on Thursday, Prime Minister Narendra Modi defended the move to ban Rs 500 and Rs 1000 notes saying that this short term pain will pave way for long term gains.

india Updated: Dec 08, 2016 16:46 IST
HT Correspondent
HT Correspondent
Hindustan Times
Demonetisation,Black Money,Currency Ban
Modi said that demonetisation has several benefits for farmers, traders, labourers, who are the economic backbone of our nation.(AP Photo)

Prime Minister Narendra Modi on Thursday defended his move to ban Rs 500 and Rs 1000 notes, saying it will lead to long-term gains.

In a series of tweets, Modi highlighted how demonetisation was making a serious dent on black money as he stressed need to focus on cashless transactions.

“The Government’s decision has several gains for farmers, traders, labourers, who are the economic backbone of our nation,” Modi tweeted.

It was on November 8 night that Modi announced that Rs 500 and Rs 1,000 notes would no longer be legal tender.

He said the move was aimed at battling corruption, black money, terror financing and fake currency.

On Thursday, Modi said: “We also have a historic opportunity to embrace increased cashless payments and integrate latest technology in economic transactions.”

He urged the young to help make India corruption free and ensure more cashless transactions.

“Together we must ensure that India defeats black money. This will empower the poor, new middle class and benefit future generations,” Modi said.

As the demonetisation drive completed a month, the Opposition marked it as a ‘Black Day’, with 16 parties protesting inside the Parliament complex. Opposition leaders had black bands on them to protest the government’s move.

First Published: Dec 08, 2016 14:26 IST