Demonetisation: Aware of common man’s pain, but secrecy was crucial, says PM Modi

NCP chief Sharad Pawar, who heads VSI, chose not to speak on the issue. He instead praised Modi for his ability to travel swiftly nationally and internationally and attend many functions in a day.

By: Express News Service | Pune | Published:November 14, 2016 2:17 am
narendra modi, pm modi, modi sharad pawar, demonetisation, rs 500 demonetisation, rs 1000 demonetisation, ncp modi, ncp chief sharad pawar, sharad pawar and modi, modi maharashtra, narendra modi ncp, modi ncp, india news PM Narendra Modi with NCP chief Sharad Pawar in Pune on Sunday. (Express Photo: Pavan Khengre)

ADDRESSING farmers at an event on the outskirts of Pune on Sunday, Prime Minister Narendra Modi said that although he was pained by the inconvenience faced by citizens, he could not have taken steps to help them in advance as this would have leaked information about the demonetisation to hoarders of “black money”.

He said things like sending new Rs 2,000 and Rs 500 notes to the banks with the old ones still in circulation would have broken the secrecy essential for expected results. “I am aware that common people are suffering due to the decision, but that was anticipated. I had said this on the first day itself. Also, those who have gunny bags full of cash are more worried than you people. Give me 50 days as this process of cleaning up is very important and the results will help our future generations…The trouble will only last till December 30….,” Modi told a cheering crowd that comprised mostly farmers and office-bearers of various sugarcane growers’ association as well as co-operative sugar mill representatives.

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“The process of sending new currency notes to the banks and issuance of notes is taking time and this is causing much trouble to the common people. We had anticipated this, but we couldn’t complete these things before the announcement as the news of the decision would have leaked,” he said while inaugurating an international conference organised by Vasantdada Sugar Institute, in Manjari, about 20 km from Pune.

NCP chief Sharad Pawar, who heads VSI, chose not to speak on the issue. He instead praised Modi for his ability to travel swiftly nationally and internationally and attend many functions in a day.

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  1. A
    ashok s
    Nov 14, 2016 at 12:08 am
    We are ready to bear the pain sir , but ure the netizens that crony builders and jewellers didn't got the prehand info of this . they have transformed the cash into commodities and that's why salt vanguuished from market, next will other essential s
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    1. A
      ashok s
      Nov 14, 2016 at 3:48 am
      Builders have duped the real home buyers , now they are not even taking the phone calls . the office stands deserted , construction work at full halt. I request I.e to conduct a survey on this.
      Reply
      1. A
        ashok s
        Nov 14, 2016 at 3:12 am
        I don't think so the act was kept well guarded secret. The cronies were preinformed well in advance. The builders brought agro farms with cash ,capitalised it , floated a agro firm and made it listed in stock exchange where other cronies like jewellers parked their money. W black money was made white during last few months period.
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        1. D
          dd
          Nov 14, 2016 at 2:24 am
          Modi landed from Tokyo on Sat 11.30pm y''day (7.5 hrs flight) lt;br/gt;Sunday early Morning Goa ...lt;br/gt;After which to Karnataka Belgavi, lt;br/gt;Back to Pune and Dilli. lt;br/gt;Late night Meeting on currency DeMonetisation started at 9pm Sunday...
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          1. C
            Citizen
            Nov 14, 2016 at 1:02 am
            This is like the story of a King who, in his bid to kill an annoying housefly swings his sword furiously and chops off nose of his queen instead.
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            1. I
              imti
              Nov 14, 2016 at 12:26 am
              only a few marwaris want to cash in creating a salt scarcity. India can provide enough salt at very low costs all round the year. Poor people were taken for a ride by these traders to make a fast buck and is similar to people who got photocopied 2000 Rs with people cashing in on their ignorance and also the trust integrity of most common people. It is here that the educated should use social media to show people how they could be cheated and warn them and even counter such dirty profit seeking leaches.
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              1. A
                Ashok Mazumdar
                Nov 14, 2016 at 9:27 am
                The Winner Is Modi
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                1. R
                  roby mani
                  Nov 14, 2016 at 3:47 am
                  How can one claim that the w exercise was kept a secret. I am certain that, Amit Shah the BJP head was in know of things and it is only logical to ume that the message had been ped on to the close allies and friends of the BJP well in advance.
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                  1. M
                    mumbikar
                    Nov 14, 2016 at 1:27 am
                    Secrecy ? With pawar ? Lol !!!! One question, the secrecy had to involve the present RBI, u would have had to include him in ur SECRET, who's previous employer was ambani !!!!! What secret u talking about ?
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                    1. V
                      Vihari Naidu
                      Nov 14, 2016 at 4:05 am
                      Sitting in AC rooms won't help you Mr.Prime Minister. Stand in line in the sun for 3-4 hours and then say the same thing. Suit Boot wale garib ke pareshan ke bare mey bolna nahi chahiye.
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                      1. R
                        Raj
                        Nov 14, 2016 at 12:29 am
                        The drastic measure, though inconveniencing, was needed because the rot had set in so deep already. As an immediate consequence, we'll see the Indian rupee appreciate, the average Indian's per capita income go up, and inflation come down. I'm sure all economists are looking forward to the figures when they do get released. lt;br/gt;lt;br/gt;Two more measures are needed to clean the entire system though - real estate, and gold. These are admittedly tough, but not impossible if there's political will, It could be made easier if all land records are digitised, and all gold movements are tracked - we have the IT brains, let's put them to a national cause.lt;br/gt;.
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                        1. R
                          Raj Manglani
                          Nov 13, 2016 at 11:47 pm
                          But Mr Modi could have given at least 30 day time and allowed use of old notes for daily needs with a cap say Rs 5000 instead of banning overnight. He did give 3 days for hospitals and travel but that was not enough. It is illogical for him to say "please bear suffering for 50 days"!
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                          1. G
                            George
                            Nov 14, 2016 at 3:20 am
                            Why this Government’s dramatic demonetization drive is a failure. (i) Because there was no planning at all before launching such a mive shake-up operation in a still mainly cash economy where the poorest will be the hardest hit in such scenarios. Modi and his middle cl friends fancy technology, but the majority of our people do not do any electronic transfer. There is a mive shortage of 100 rupee notes. (ii) Because the hyper-nationalistic BJP argument that terror funding will be wiped out is toothless. The new notes can be as easily faked as the old ones. The RSS internet foot-soldiers were spreading the rumor that Modi’s new notes have miraculous technical superiority over old ones and are foolproof against faking. Jaitley and the RBI later came out in the open and corrected this blatant lie. (iii) Because demonetization is never going to hamper black-marketers in any important way. Thieves are clever than the police! In such scenarios they will divide their cash into smaller bits, get people to deposit them in their own accounts for a small gain, and later get their money back in white. This is why Jan Dhan accounts are now overflowing with deposits. Why Morarji’s 1978 demonetization did not cure the black money problem? Will you do a demonetization drama every once in a while? (iv) Because such measures give out a poor image of India. Would USA or UK demonetize? You want to make India into a Superpower, but the image of India you create in the process is one of a banana republic, a Tughlaq Raj, where everything is wrong. (v) Because demonetization is a middle-man’s paradise! They are now busy duping poor Indians, depriving them of half the value of their hard earned money. (vi) And finally and most importantly because you are punishing the w cl because some of the cl has misbehaved! You can’t or don’t want to go after a Mallya, corporate fraudsters, political heavy weights, Indians who have stashed their money in Swiss accounts, not even after an out-of-power Robert Vadra. You therefore hunt the common man, the Indian who toils on the field and sells vegetable on the market street.
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                            1. P
                              ProdyotPran
                              Nov 14, 2016 at 1:28 am
                              Strategies like demonetisation to fight black money cannot have Plan B or Plan C.lt;br/gt;All that it can have is Plan A.lt;br/gt;-lt;br/gt;If new currency notes were printed well in advance, if ATMs were recalibrated beforehand, if new currencies were sent to bank branches well in advance, the strategy would have pathetically failed.lt;br/gt;-lt;br/gt;Demonetisation works only with the surprise factor.lt;br/gt;-lt;br/gt;We need to be patient and tolerant.lt;br/gt;Patience and tolerance is our contribution in the fight against black money.
                              Reply
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