Demonetisation: How international media reported PM Modi’s ‘bold move’

The move to scrap old Rs 500, Rs 1000 notes sent ripples across political circles and the media has been extensively reporting on the issue.

By: Express Web Desk | New Delhi | Updated: November 16, 2016 3:28 pm
demonetisation, narendra modi, demonetisation news, currency news, world media on demonetisation, world media on india, world media on narendra modi, international media on demonetisation Sand artist Sudarshan Pattanaik in Puri, Odisha. PTI photo

Ever since the Modi-led government announced that old Rs 500, Rs 1000 notes would be discontinued, it caused ripples across political circles and the media has been extensively reporting on the issue. There were also reports of Pakistani news anchors discussing the issue and praising PM Modi’s move. The move also managed to catch the attention of foreign media and a substantial chunk of column inches were used to highlight the move.

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Here is a look at how the international media reported it:

The Washington Post

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“Prime Minister Narendra Modi has long made fighting black money a priority — as the country moves to legitimize its shadow economy, change an age-old culture of corruption and attract foreign investment. A voluntary disclosure program has netted $19 billion, a fraction of the estimated $400 billion to more than $1 trillion in black money.”

Sydney Morning Herald

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The step by Modi, who is approaching the half-way mark of his term, is an attempt to fulfil his election promise of curbing tax evasion and recovering illegal income, locally known as black money, stashed overseas. Modi’s unprecedented move follows a similar step taken by the European Central Bank, which is discontinuing the use of 500-euro notes to stop their use in “illicit activities”.

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The Independent

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Government leaders feel that the sudden move by the Indian Prime Minister has brought new found respect for him. A senior Indian government official even equated Mr Modi to Singapore’s first Prime Minister Lee Kuan Yew. Mr Modi’s admiration for Mr Lee is of course no secret. When Mr Lee passed away in March last year, Mr Modi in leading the tributes and condolences pouring in from all over India, acknowledged Mr Lee Kuan Yew a “lion among leaders”.

New York Times

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The plan, kept top secret until Mr. Modi’s announcement, was hailed by financial analysts as bold and, potentially, transformational for India. It is also a high-stakes experiment: Though other Indian leaders have withdrawn currency notes, none have reduced the country’s supply of cash so drastically or so abruptly. The two bills being withdrawn make up 80 per cent of the cash in circulation.

Wall Street Journal

wall-street-journal

If the reforms work, in theory it could broaden the government’s tax base. And any money that doesn’t get redeemed, the government can reissue and spend as it pleases without increasing the money supply. Indian government bonds, a favorite among emerging-market investors, have rallied since the announcement. That may be a bet the reforms will work. But it could also be a bet that India’s economy is about to slow. It could take Mr. Modi’s plan a while to come together.

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  1. R
    Ram
    Nov 16, 2016 at 10:13 am
    PM Modi has done a great job.
    Reply
    1. V
      VISWALINGAM
      Nov 16, 2016 at 9:51 am
      EVERY INDIAN SHOULD BE PROUD OF PM MODI , THE LION HEART .
      Reply
      1. V
        VISWALINGAM
        Nov 16, 2016 at 9:52 am
        EVERY INDIAN SHOULD BE PROUD OF PM MODI , THE LION HEART . ( ALL MYANMAR TAMIL HINDU FANS OF PM MODI )
        Reply
        1. A
          Arpan
          Nov 16, 2016 at 9:53 am
          Graet move
          Reply
          1. अशोक.गोविंद.शहा
            Nov 16, 2016 at 12:58 pm
            vande mataram- some media groups are delebraitly campaigning against govet move but the people of india are more clever and are trusting their prime minister ja gte r ho
            Reply
            1. B
              Brahm Gaur
              Nov 16, 2016 at 11:11 am
              Shath sharh pram to our honorable prine minister. I hope goddess Durga blesses him to counter these corrupt politicians who are affected by this move. I pray to the mother to bring back our dearest PM in flying colors.
              Reply
              1. G
                GuestReader
                Nov 16, 2016 at 10:29 am
                The GST and the "Cash-Money" reform together are the best ways of rebooting the economy. Innitially I was no fan of PM Modi but now I have great respect for him and his team.I am an NRI and I was deeply impressed by the Indians and South Asians were evacuated in war like conditions. I am soory that Mrs. Sushma Swaraj has taken ill. I wish all the best and I hope the doctors find a the right treatment for her.
                Reply
                1. S
                  Sumit Kumar
                  Nov 16, 2016 at 10:33 am
                  Awesome
                  Reply
                  1. B
                    Balu C
                    Nov 16, 2016 at 9:49 am
                    Modi has only demonetised the currencies of 500.00 and 1000.00. But the Opposition is demonizing him for this well thought out act to prevent corruption, illegal money, fake money as well as terror funding.
                    Reply
                    1. M
                      mahesh
                      Nov 24, 2016 at 10:10 pm
                      Oh , so you know black money doesnt exist in cash. Then theres no problem , isnt it? Why are the IT dept scanning 33,000 jan dhan accounts which had zero balance suddenly deposited 21,0000 cr ?lt;br/gt;why have the jewelers been asked to give the reasons for sudden of gold above thier average s?
                      Reply
                      1. M
                        Mohan
                        Nov 16, 2016 at 9:40 am
                        The days of not paying tax and being thrilled about it are CLEARLY OVER !
                        Reply
                        1. N
                          Nandu K.
                          Nov 16, 2016 at 10:28 am
                          We would have given him all the credits, if he had visualize the pain people of India would suffer for making inadequate arrangements. I have seen people crying on TV News, an Old wanted money for food of her holy Cow and Bank staff told him let the cow die. Where were Gau Rakashak? weigh the pros and cons before you praise someone.
                          Reply
                          1. M
                            MUKESH
                            Nov 16, 2016 at 10:35 am
                            I AM PROUD AND SALUTE MY HON. PM SHRI NARENDRA DAMODARDAS MODI FOR HIS FIGHT AGAINST CORRUPTION ,BLACK MONEY ETC. KEEP IT UP.
                            Reply
                            1. M
                              Muthu
                              Nov 16, 2016 at 10:26 am
                              Great PM has taken a bold move
                              Reply
                              1. P
                                Pankaj
                                Nov 16, 2016 at 9:40 am
                                great PM. Yug Purush.
                                Reply
                                1. S
                                  senkumar
                                  Nov 16, 2016 at 9:05 am
                                  well done pm ji
                                  Reply
                                  1. V
                                    Vedic_Citizen
                                    Nov 16, 2016 at 9:06 am
                                    Kujli, Pappu, Lalu, Mamta and Mussalmans !
                                    Reply
                                    1. S
                                      subraman
                                      Nov 16, 2016 at 11:34 am
                                      There is absolutely no attempt here to legitimize blackmoney. Seems the Washington post does not read our news
                                      Reply
                                      1. S
                                        S.T.CHANDRASEKHAR Babu
                                        Nov 16, 2016 at 2:28 pm
                                        Announcement will not become part of law. Under what legal provision demonetisation was done?Where is the actual test of the act? How piecemeal announcement come under the ambit of such an act or law or amendment, whatever it may be? please let all people know the original version.lt;br/gt;It was a hasty step without econonic consideration. Without proper planning and alternate in place , this was mooted.Now all sectors of economy came to a grinding halt.Small and medium industry may not survive. GDP will come around 6%, next quarter IIP will look at ground.lt;br/gt;What is the benefit accrued (supposed to ) because of this and what is the actual costs to be inc surred by RBI for printing and supplying to banks and what is the set back to theeconomy.lt;br/gt;Nobody can guess these issues.It is only political. But as a concept I do agree the black money should be removed from the main stream economy. There is difference in black money and couterfeit. Black money also contribute to economy and GDP.
                                        Reply
                                        1. T
                                          Tanishq
                                          Nov 16, 2016 at 11:30 am
                                          Our PM is the best PM of the world. We all should appreciate him and should encourage him to make our country self sufficient and truly independent
                                          Reply
                                          1. U
                                            utpal
                                            Nov 18, 2016 at 7:13 am
                                            wait, gradually steps will be enforced to track all black money and unaccountable money, none will be spared
                                            Reply
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