Tue, Feb 28, 2017 | updated 07:11 AM IST

Demonetisation was designed to target illicit cash proceeds from corruption and tax dodging: U.S.

Updated: Dec 01, 2016 12:31 IST

Washington D.C. [United States], Dec. 1 (ANI): The United States has said that the discontinuance of the 500 and 1,000 rupee notes by India was designed to target illicit cash proceeds from corruption and tax dodging.

Deputy Spokesperson of the U.S. State Department Mark C. Toner said, "This recent action followed on a series of steps that the Modi government took over the past two years to reduce black market money, and, I think, it also included a four-month amnesty for tax evaders in India, which resulted in, I think, the disclosure or declaration of billions of dollars in hidden assets."

Responding to a question about the impact on American citizens, Toner said that as it was an inconvenience for many Indians, it was an inconvenience for Americans who were also there.

He said that United States believes that it was an important and necessary step to crack down on illegal actions or illicit actions.

"American citizens who are working and living in India, I think have the proper information now to exchange those notes or to get new notes, and it's a little bit of an adjustment, just as it was an inconvenience, I'm sure, for many Indians, but I think a necessary one to address the corruption," Toner said.

On being asked that is the U.S. embassy providing any help to American citizens, Toner said, "In any case such as this, the embassy's role would be to simply inform American citizens residing or visiting in India of these changes and, again, how they can replace their notes and just the process into how to do that." (ANI)

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