Scrapping of Rs 500, Rs 1,000 notes: What leaders are saying

As the Centre scraps Rs 500 and Rs 1,000 notes, various business and political leaders are reacting to it. Following are some of the reactions:

Good initiative, implementation painful: V Balakrishnan, former CFO of Infosys

“It is a good initiative to reduce black money. But we need to see implementation has to be seen because the transition can be painful. However, the first thing they should do to remove all the black money is to have political parties receive donations only in cheque. Today, 75-80% of political donations happens by cash. That is the starting point for black money. I think if they had done that too. It would have brought a lot of credibility to the whole process,” said Venkatraman Balakrishnan, who is also a partner of Exfinity Ventures says to Business Standard.

Vikram Kirloskar, Vice Chairman of Toyota Kirloskar Motor Pvt Ltd

He tells Business Standard, “I think it is a good move. Looks like the prime minister has planned it is for sometime. One basic thing, when people talk of a business of the third world, second world or first world. It is not the size of the economy, but how we run the economy and the value and ethics we adopt. Mr Modi has talked about Swacch Bharat that includes reducing corruption, making ease of business and how to improve the positioning of the country. If we fight corruption, it helps us hold our head high.”

Baijayant Jai Panda, Biju Janata Dal MP

He tweets, “What a fantastic move against black money to ban Rs 500 and Rs 1000 notes! This will be a game changer. I welcome it wholeheartedly.”

Hasmukh Adhia, Revenue Secretary, Ministry of Finance

He tweets, “This is the biggest and the boldest step by the Government for containing black money. It is like a surgical strike on black money.”

Devendra Fadnavis, Chief Minister of Maharashtra

He tweets, “Historic and courageous India Company News decision on Rs 500 & Rs 1000 notes to stop corruption and flow of black money. Hats off Hon @narendramodi ji !”

In another tweet, he says, “People of our nation would support &participate like true soldiers in this war against #blackmoney.This is a milestone in nation’s progress.”

Union Minister Sadananda Gowda tweets, “India Takes Historic Step to Fight Corruption, Black Money, Terrorism & Counterfeit Currency.”

On a contrary, West Bengal Chief Minister Mamata Banerjee tweets, “While I’m strongly against black money, corruption, deeply concerned about common people, small traders. How they will buy essentials tomo?”


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