Sun, Dec 4, 2016 | updated 05:44 PM IST

Demonetisation a hastily executed decision: Tharoor

Updated: Nov 11, 2016 07:34 IST

New Delhi [India], Nov. 11 (ANI): Congress leader Shashi Tharoor has asserted that the unprecedented move by the Centre to demonetise Rs. 500 and 1,000 notes looks like a hastily executed decision.

Tharoor Told ANI, "There is a sense that the government has caught people without any chance to prepare and has given them no time. It was a matter of hours between Prime Minister Narendra Modi's announcement and the money becoming illegal,"

He further said that a limited amount can be withdrawn from the ATMs which means, that the banks do not have enough printed notes.

"It looks like this is somewhat a hastily executed decision. I feel that the government is either not fully prepared or has not fully explained it to the nation," he said.

"I am not really making a political point here; I am saying what any ordinary citizen would feel that before the government should impose such hardship on people, they didn't think through all the consequences," he added.

Finance Minister Arun Jaitley has, however, defended the government's decision and said the country is moving towards a cash-less economy.

Reassuring the people that those having lawful money would have nothing to fear, Jaitley said this is a major setback to the parallel black money economy because a lot of currency operating outside the system will now have to be brought into the banking system.

"The government believes that this decision has been welcomed everywhere. This major step with help India's credibility," he added.

Jaitley further said this decision will change the way people spend and keep their money.

"It will take India towards a cash-less economy, it doesn't merely push the country in that direction, but significantly pushes it," he added.

He also said the decision is of significant advantage to the economy, adding both the Centre and states will benefit from more revenue accruing in the economic system. (ANI)