Narendra Modi addresses Indian diaspora in Japan, assures demonetisation wasn't in haste

Prime Minister Narendra Modi on Saturday said he was aware of the hardship people were facing in India because of the demonetisation move, but emphasized that it was necessary in the larger interests of the nation.

FP Staff November 12, 2016 13:52:16 IST
Narendra Modi addresses Indian diaspora in Japan, assures demonetisation wasn't in haste

Prime Minister Narendra Modi on Saturday said he was aware of the hardship people were facing in India because of the demonetisation move, but emphasised that it was necessary in the larger interests of the nation.

Addressing the Indian diaspora in Japan, Modi said people back home were hailing his decision of rendering Rs 500 and Rs 1,000 notes invalid but some of them were being prodded to speak against the government because of politics.

"I know it is difficult. People are made to speak against Modi but I salute the people... some stood in the queues for five hours, six hours but endured the hardship. The same way as people in Japan endured in 2011," he said, referring the earthquake-triggered tsunami five years ago that hit Japan.

He said the government had not taken the decision on demonetisation in haste. "We had given 50 days to people to show their unaccounted wealth till September," before the government decided to render the large currency bills illegal tender.

He warned the black-money hoarders that there is no guarantee that they would not have to take more steps after the end of this scheme, to hide their money.

"We will check all the records since Independence. If I come across any unaccounted cash, no one will be spared," Modi said, addressing the Indian diaspora here.

He said if the money that surfaces in the banking system comes without its legitimacy and source then there will be proper scrutiny since the beginning.

"I believe very clearly, that unaccounted money if it comes to light, then the accounts will be scanned from Independence."

He said the government would bring in as many people as possible to do this work.

His remarks come in the wake of the government demonetizing Rs 500 and Rs 1,000 notes from midnight of 8 November.

Modi's speech was in response to the allegations made by opposing parties who have questioned Modi's scheme and his strike against the 'poor of the nation'.

With inputs from IANS

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