Sun, Dec 4, 2016 | updated 09:51 PM IST

'Inconvenienced' common man will benefit in long run: Nitish Kumar

Updated: Nov 09, 2016 11:46 IST

Patna [India], Nov. 9 (ANI): Welcoming the radical step by Prime Minister Narendra Modi to scrap the 500 and 1000 rupee notes in a major crackdown on black money, Bihar Chief Minister Nitish Kumar on Wednesday stated that even though the common man is facing the crunch now, they will benefit from this in the long run.

"I welcome this development. Yes people are going to face challenges initially but they only will benefit from this in the later stage, so I support the Prime Minister's step," Nitish told the media here.

However, the Congress and the Trinamool Congress (TMC) have hit out at the Centre saying that while they welcomed any move to check black money, this development would hit small traders, small businessmen, and the common man celebrating festivals and weddings.

Speaking to ANI, TMC spokesperson Derek said that his party has always been opposed to corruption in any form, but this is not the way to go about it.

"The Prime Minister promised bringing black money back from foreign accounts, besides other promises that were made before elections, but none of those have been kept. Now instead of brining back money from illegal accounts abroad, this is putting the common man under pressure," he said.

In a surprise late-evening televised address to the nation, Prime Minister Modi said the notes in circulation can be exchanged at banks till December 30th, adding that some concessions will be allowed for use of these notes at hospitals and crematoriums, and to buy air, rail and bus tickets till November 11th.

But the short notice sparked concern among people who then formed long queues outside ATMs across India, attempting to withdraw smaller bank notes.

"Banks will be closed tomorrow. It will cause some hardship to you. Let us ignore these hardships. In a country's history there come some moments when every person feels he too should be a part of it," the Prime Minister said.

Everyone from the common man to Dalal Street experts lauded the government's ban on Rs. 500 and Rs. 1,000 notes.

However, the move is expected to hit many sectors such as real estate and jewellery, where cash transactions are widespread.

Sectors like real estate and jewellery that use more of black money will take a big knock after Prime Minister Narendra Modi's massive crackdown with the withdrawal of Rs. 500 and Rs. 1,000 notes.

Real estate stocks have taken a pounding in early trade as the sector is expected to feel the heat of the government's move. (ANI)