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Demonetising Rs 500, Rs 1,000 notes will deter terror funding in India: Jitendra Singh

"The decision was being hailed as it has come out with sincerity, honesty and courage of Prime Minister Narendra Modi."

By: PTI | Jammu | Published: November 12, 2016 4:51 pm
Kashmiri Pandits, Kashmir, Jammu and Kashmir, J&K people, Jitendra Singh, Kashmir situation, indian express news Union Minister Jitendra Singh. (File)

Stating that the decision taken by the Union government to demonetise the currency notes of Rs 500 and Rs 1,000 was in the interest of the security of the nation, Union Minister of State in the PMO Jitendra Singh today said the step would deter the funding of terrorism in the country.

“It (demonetising Rs 500 and Rs 1,000) is going to be a major deterrence as far as the funding of terrorism is concerned. This was one of the main considerations to have arrived on this decision,” Singh told reporters on the sidelines of a function here today.

He said what was remarkable about the decision was that it was in the larger interest of the nation, in the interest of the security of the nation as well, “as the interest of the reinforcing economic capability of the nation.”

“I think what is more gratifying is that the common man of the country has welcomed it,” he said.

On the allegations leveled by the Delhi Chief Minister Arvind Kejriwal, Singh said that the statements which lack any evidence don’t deserve a response.

“I don’t think it deserves any response, we live in an evidence based era and I don’t think I need to respond to any unsubstantiated statements,” he said.

“The 130 crore people of this country have wholeheartedly welcomed it. I was traveling in Uttar Pradesh yesterday, day before in Delhi and today in Jammu and have seen long queues outside the banks of an average common man and inspite of going through all the inconvenience … there was not a single one who did not say that they did not welcome it,” he said.

He said the decision was being hailed as it has come out with sincerity, honesty and courage of Prime Minister Narendra Modi.

Taking a dig at Rahul Gandhi for standing in a queue at an ATM in Delhi, the Union Minister sought to know who used to go to the ATM on behalf of the Congress Vice President before the decision was taken.

“I usually avoid making personal comments but what amused me was that I wish somebody had asked him had he ever been to an ATM before or was it just after this, decision happened. Who was going to ATM on his behalf on earlier occasions?,” he questioned.

On the question of opening of schools in the Kashmir Valley, the Union Minister said the Centre was in touch with the state government.

The Jammu and Kashmir government has said that it will soon set a timeline to take steps to open the schools.

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  1. J
    Nov 13, 2016 at 5:40 pm
    Plus and minus of Demonitising:lt;br/gt;Pluses: PS Banks suffering from huge NPAs and cash crunch will accrue reserve funds, Inflation will ease due lack of purchasing power , Party-funds will get neutralised and their money and muscle power will reduce, Rupee will strengthen, Oil-pool account will improve, Counterfeit notes will vanish in the short termlt;br/gt;Minuses: Unhealthy deflation will set in, M-disenchantment with the present dispensation, Very limited neutralisation of unaccounted money, Rs 2000-notes will accelerate black money holding in future, Industrial production will reduce, Employment will suffer, Workers in unorganised sectors will take big hit, Banking sector will be bogged down with extra work, Disgruntlement will rise leading to chaos and anarchy in some places, Capital expansion will be put off by private sector , Overall growth will suffer and Exports will sufferlt;br/gt;Remedial measure: Quick restoration of banking and allowing the citizens to get on with their normal lives.
    1. J
      Nov 13, 2016 at 5:41 pm
      Terrorist cannot be detered by demonetisation. They can be detered only by enhancing security.