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Union Minister for Information and Technology Ravi Shankar Prasad on Saturday hailed the demonetisation move that came into effect nearly 11 days back saying it is showing results. In an interview to the media, Prasad said demonetisation is showing results. Rs 4 lakh crore has come to banks, all clean money. Terrorist flow of counterfeit money has stopped.” Maoists and other extremists finding their financial backbone completely broken. India’s economy surging, security getting strengthened, he added.
In an bold effort to cleanse the system of counterfeit currency and clamp down on black money, Prime Minister Narendra Modi had scrapped the Rs 500 and Rs 1000 notes. The move, however, came under sever criticism from across the political spectrum with opposition parties condemning the initiative as a ‘knee-jerk’ reaction, without any proper plan in place. In the wake of the demonetisation move, several deaths have already taken place across the country even as queues outside banks and ATMs don’t show any signs of reducing. Proceedings in Parliament too have been stalled for the past three days due to the treasury and the opposition trading barbs over the demonetisation decision.