PM Modi favours use of smaller denomination notes: Madhav Bhandari

"Notes of higher denominations are not in use in developed countries," Bhandari told media persons.

By: PTI | Mumbai | Updated: November 11, 2016 2:22 pm
Madhav Bhandari, Maharashtra BJP spokesperson, demonetisation, note demonetisation, notes scrapped, notes withdrawn, PM Narendra Modi, narendra modi government, smaller denominations, lesser denomination, india news, indian express PM Narendra Modi

Prime Minister Narendra Modi’s insistence on using smaller denominations of currency is indicative of the shape of things to come, Maharashtra BJP spokesperson Madhav Bhandari said on Thursday. “The Prime Minister has said people should stop the habit of using notes of more than 100 rupee denomination. That means he has indicated shape of things to come. “Notes of higher denominations are not in use in developed countries,” Bhandari told media persons.

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On criticism of the demonetisation measure by the Congress, Bhandari said it was not surprising that the party’s attitude on this issue is negative.

“Congress has raised some objections. These should not be taken seriously as that party was in power in last 65 years and black money was generated during this period.

“One can’t compare the Modi government’s move and the decision by Moraraji Desai government to scrap higher currency notes,” he said.

Bhandari said it was too early to give exact number of Rs 2,000 notes being in circulation.

On black money, he said, “A small scale industries person has to give 49 ‘envelopes’ to industry inspectors and this is how black money is generated.

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“Government should zero in on places where black money is generated, similar to action at spots where mosquitoes causing malaria breed.”

He said the government will have to take important steps in this direction in the next couple of years.

“The first job this government did was to bring rural populace in the banking net. There is also an attempt for tax reforms…GST is a step in this direction,” the BJP leader said.