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Demonetisation 'benefits' have begun percolating, says M Venkaiah Naidu

Union Minister M Venkaiah Naidu On Monday Described The Slew Of Sops Announced By Prime Minister Narendra Modi On New Year’s Eve And A Cut In Interest Rates By Banks As “beginning Of Percolation Of Demonetisation’s Benefits To The People'.

PTI | Updated on: 02 Jan 2017, 11:34:03 PM
Union minister M Venkaiah Naidu


Union minister M Venkaiah Naidu on Monday described the slew of sops announced by Prime Minister Narendra Modi on new year’s eve and a cut in interest rates by banks as “beginning of percolation of demonetisation’s benefits to the people”.

Referring to the sops announced by Modi, the Union Urban Development Minister said, “This was prompted by the return of huge high-value currency notes into the banking system.”

Hailing the move of banks to cut interest rates, Naidu said it would benefit the common man.

“It is very clear that the benefits of the (high-value) note withdrawal have begun to flow to the people,” he added.

Speaking to reporters at the state BJP headquarters here, Naidu said, “More and more benefits will flow in the future.  This is the beginning of the victory of the war against the corrupt and black money-holders.”

Besides such benefits, he said the prime minister had already begun moving forward with new initiatives such as the BHIM app and Aadhaar-based money transfers.

On questions being raised such as the quantum of money brought back into the banking system post demonetisation, Naidu said it was being looked into by the RBI and it will be made known “in due course of time”.

“The major achievement is that the entire money has come to the banks. Whether it is white or black will be known after scrutiny, which is on. Once it is completed, how much of it is black or white will be known,” he said.

The Union minister said with more people coming into the tax net, the revenue of the government will go up and it will also lead to lower tax rates and benefits for the “honest tax-payers”.

“The war will continue till the last rupee of black money is traced out. Since Independence, no prime minister or government has launched such a large multi-pronged major war against corruption or black money. This is how Prime Minister Modi is living up to the expectations of the people,” he said.

Alleging that corruption was spreading like “cancer” and that no one was willing to take a bold step, Naidu asserted that demonetisation had “shaken the ways of black money holders and the corrupt by scrapping notes”.

Targeting the Congress party for posing questions on demonetisation, the BJP leader demanded that the party first answer queries on why it did not “act”, despite being in power for most of the period post-Independence.

“What have you (Congress) done to unearth black money? You have been in power for more than 50 years,” he said.


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First Published : 02 Jan 2017, 11:23:00 PM