Sat, Dec 10, 2016 | updated 12:24 PM IST

Stop 'kintu-parantu', govt. move will make India a cashless economy: Naidu

Updated: Nov 09, 2016 21:02 IST

New Delhi [India], Nov. 9 (ANI): Condemning the statements made by the opposition over the Centre's move to scrap Rs. 500 and Rs. 1,000 currency notes, Information and Broadcasting Minister M. Venkaiah Naidu on Wednesday said that nobody should raise doubts on the measures initiated by the government as it will benefit one and all.

"It is unfortunate that some of our political opponents are making political comments. Want to ask the Congress why doubt the policy and create confusion? Why this 'kintu-parantu'? This will do them no good," said Naidu.

Naidu said this move, which will bring down inflation and diminish the parallel economy, is a huge step towards making India a cashless economy.

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 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)