Sun, Dec 11, 2016 | updated 01:58 AM IST

India's demonetisation move extraordinary, dramatic and surprising, says UK solicitor

Updated: Nov 10, 2016 18:25 IST

London [United Kingdom), Nov.10 (ANI): A London-based solicitor, Sarosh Zaiwalla, has described Prime Minister Narendra Modi's decision to demonetise currency notes of Rs.500 and Rs.1000 as an extraordinary, dramatic and surprising step.

In a statement issued by his office, Zaiwalla said,"The extraordinary, dramatic and surprising decision of the Indian Union government to cease issuance of INR 500 and INR 1000 notes and declaring them an invalid legal tender past midnight tonight is set to jostle the deep rooted black market nexus of corruption in the Indian subcontinent".

"After crucial decisions like the introductions of the GST Bill to tackle corruption, the Modi administration is back on track with application of extraordinary measures to deliver the right message. This will drastically change the way the Indian economy operates - the decision is a landmark move and perhaps one of the key decisions made since independence," he added.

"Problems of tax evasion, corruption and black money are holding back the Indian economy from thriving - high levels of currency inflation and cumulative housing price bubbles are a direct result of black money operations. Mr. Modi is making fundamental reforms in an attempt to tackle corruption through perseverance and determination," Zaiwalla said.

"It is a constructive verdict for the economy and leaves us convinced that such reforms will be put forth in the future as well. Indian Prime Minister deserves congratulations for this bold move," he stated further.

In a separate statement, Curofy, India's largest verified doctor network platform, has also welcomed Prime Minister Modi's demonetisation move.

In a statement, Pawan Gupta, Co-founder of Curofy, said,"Our healthcare system which has been cash dependent since years will be thrust-ed into the world of cashless transactions. In a twist of policy, tech-averse medicine will be forced to become digitalised and embrace the winds of change. This will bring the hoarded up cash from the private sector into circulation and give transparency."

"Private clinics and nursing homes which mainly transacted in cash will have to declare their income. Moreover, patients won't have to worry about carrying money with them physically as their treatment will be only a swish of card away. This move will also bring down the cost of medical education since the cash component of admission process will be completely obliterated, thereby improving the quality of future doctors," he added.

"Also, with their money going online, more people will come in the digital health ecosystem. In long-run, all this will improve the quality of healthcare and make it more affordable. Though there might be an initial hitch in the transition, with the government encouraging online and cashless transactions, healthcare will adapt to it over time," he said. (ANI)