In emotional speech, Modi defends currency spike

In his own style, Naidu said the campaign by Modi in India is not about the Prime Minister but about “Making of Developed India” (MODI).

At 8PM on Tuesday November 8, the Hindu-supremacist BJP government led by Narendra Modi made a shock “demonetisation” announcement invalidating all Rupee (Rs.) 500 and 1000 currency notes (approximately $US7.50 and $15) as of midnight that day.

“Demonetisation is not the end but the beginning of our deep and continuous struggle against “black money” and corruption”, Modi told them, according to local reports.

Two days later, the government announced a set of seven decisions as it discovered it was sowing seasons ahead and farmers needed cash for seeds and fertilisers. From deploying “cash coolies” to buying Rolex watches, Indians have found unique ways to dodge the government’s surprise move to withdraw high value bills in a bid to tackle widespread corruption and tax evasion. The overloading of work pressure is taking a toll on the health of the bank employees, which has resulted in adverse affects as well.

The Union Minister expressed hope that all the political parties would deliberate measures to eliminate the black money menace.

Do you think that black money exists in India?

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Has any minister, Member of Parliament, MLA or business tycoon been seen standing in queues outside banks and ATMs for hours together to exchange currency notes or to deposit them?

Federation of Indian Chambers of Commerce and Industry (FCCI) President Harshavardhan Neotia congratulated Modi and his government for “an extremely bold move”.

More than Rs 5 lakh crore have been deposited in banks across India in the past few days.

The weekly cap of Rs 20,000 for withdrawal from bank accounts was increased to Rs 24,000 and the daily limit of Rs 10,000 per day was withdrawn. “That’s why they were not ready to take any step (to check it)”, the prime minister said, in a veiled attack at Congress.

Sensing that things are going out of control Ravi Shankar Prasad of BJP jumped to PM rescue, “I know him since childhood, he is in love with country, with poor and downtrodden”.

He, however, cautioned poor Jan Dhan account holders against renting their bank accounts to black money holders.

The demonetisation exercise started by the Indian government has indeed come as a shock to people, but not everyone is complaining about it.

“Some people have lost everything…”