Stressing that any shortage in supply of currency is being taken care of by the government, Union minister M Venkaiah Naidu on Tuesday said that a revolutionary or transformative step may have initial hiccups, but it gives long-term gains.
He said the demonetisation of higher currency notes had to be implemented with all secrecy as otherwise the people would have “taken care of” their ill-gotten wealth.
“There is need for ending parallel economy. Our neighbour is hiding, abetting, funding and training terrorists. There is 20 lakh crore of rupees of counterfeit currency in India which is weakening our economy. There are also arm dealers, smugglers...,” he said, addressing a legislators’ workshop here on infrastructure in the states.
The move will also curb Maoist operations as they “thrive” on black money, he said, maintaining, “Nobody is going to give money to Maoist by cheque.”
Referring to the hardships being faced by people with long queues outside banks and ATMs for withdrawing money, Naidu said, “Any revolutionary step or transformative step will have initial problems” and that “wherever there is shortage, it is being taken care of by the government.”