ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2023
  • Adani Saga
  • Markets
    • Stocks
    • Global Markets
    • IPO
    • Companies
    • Currency
    • Commodities
  • My Money
  • Calculators
    • Income Tax Calculator
    • Home Loan/EMI Calculator
    • Mutual Fund Returns Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • SIP calculator
    • Lumpsum Calculator
    • SWP Calculator
  • Videos
    • M Se Market
    • Jeb Zindagi Zaroorat
    • Light Camera Stocks
    • Tech Takes
    • Big Bulls Ka Nishana
    • Paisa Wasool
    • Commodity Ke MrityunjayMantra
    • The Right Property Show
  • Economy & Infra
    • Policy & Initiatives
    • Agriculture
    • Telecom
    • Aviation
    • Railways
    • Retail
    • Roadways
    • World Economy
  • Exclusive
    • Wealth Guide
    • Interviews
  • Auto
    • Cars
    • Bikes
    • Electric Vehicle
    • Commercial Vehicles
  • Tech
    • Mobiles
    • Gadgets
    • Reviews
    • Tips and Tricks
    • Apps
  • Real Estate
    • Home Buyers
    • Builders
  • Axis MF
  • Trending
    • Entertainment
    • Politics
    • Lifestyle
    • Travel
    • Sports
    • Viral
    • Education
    • Jobs
Read in App
Business News » India News

Demonetisation was not a hurried decision: Amit Shah

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Demonetisation was not a hurried decision: Amit Shah
BJP chief Amit Shah addresses a press conference in New Delhi on November 11, 2016. Image Source: IANS

The decision of demonetising higher currency notes was not taken in a hurry, Bharatiya Janata Party (BJP) President Amit Shah has said, adding that the decision was taken in consultation with Reserve Bank of India (RBI).

Responding to questions on India TV`s show Aap Ki Adalat, Shah said that the 50-day deadline, ending December 30, was fixed after much "careful planning", and most of the cash crunch woes at ATMs and banks would be over by this deadline.

"Neither was anything kept secret from RBI, nor was it not consulted, the decision (to demonetise Rs 500 and 1,000) was taken after adequate consultations by Prime Minister (Narendra Modi) at the small forum, and all administrative nitty-gritty was gone through. The decision was not taken in a hurry, nor was there any reason to be in a hurry," Shah said.

Asked about the current cash crunch, he said, it was because of the delay in printing new notes.

"The cash crunch is because of delay in printing currency notes, and its taking time to distribute, that`s why the 50-day deadline was set. I am not saying that after 50-day deadline the queues (at banks) will be fully over, but most of the woes would be over," he said.

The BJP chief also expressed hope that business at factories would be back to normal in two months.

ALSO READ: India abolishes larger banknotes in fight against graft, 'black money' 

"The factories are closed, not because of (lack of) cash but nearly 30 to 40% of transactions that were not taking place earlier in cheques, will now change, and the traders will show these transactions in books...," he said.

While stating that he "emphathises" the people standing in queues outside ATMs, the BJP president said people were also losing patience due to lack of infrastructure, indicating that the increased government revenue will solve these issues.

"I know people standing outside ATMs and banks are losing their patience, I emphathise with them, but I also know, nearly 80 crore poor people in this country are also losing patience because of lack of electricity, roads, drinking water and education, the army needs funds for modernisation, we need more satellites, more connectivity," Shah said.

"In the last eight years, our plan budget has been hanging between Rs 4.2 lakh crore and Rs 4.8 lakh crore, and this money has to be allocated for rural roads, education and all other programmes... India cannot take a leap forward on a mere Rs 4.8 lakh crore budget. The parallel economy is eating into our economy like termite."

Describing the demonetisation step as a "multi-dimensional, far-reaching" decision taken in the national interest, Shah said, the positive fallouts of the decision have been: "it has broken the back of terrorism and Naxalism in one stroke."

Shah warned that all black money hoarders "will be put behind bars".

He also said that BJP would welcome any move by the Election Commission to bring electoral funding within the purview of Right To Information.

ALSO READ: 9 steps you must take to exchange your old Rs 500, Rs 1,000 notes

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
DemonetisationEconomyNarendra ModiBJPAmit ShahRBIcash crunch
Written By: IANS
Updated: Sat, Dec 17, 2016
03:48 pm
New Delhi , IANS
RELATED NEWS
India abolishes larger banknotes in fight against graft, 'black money' India abolishes larger banknotes in fight against graft, 'black money'
Demonetisation cools retail inflation to 3.63% in November Demonetisation cools retail inflation to 3.63% in November
S&P says India's demonetisation has hurt confidence in RBI S&P says India's demonetisation has hurt confidence in RBI
This is how demonetisation is changing Indian spending habits This is how demonetisation is changing Indian spending habits
Rs 13 lakh crore in old notes deposited in banks post demonetisation, says Govt Rs 13 lakh crore in old notes deposited in banks post demonetisation, says Govt

LATEST NEWS

Budget 2023: FM Nirmala Sitharaman dons traditional temple border red saree to present Union Budget 2023

Samsung Galaxy S23 5G Series launched in India: Check prices of S23 Ultra, S23 Plus and S23 - Specifications, Camera and other details

Pathaan Box Office Collection Day 7: Shah Rukh Khan-starrer collects over Rs 600 crore worldwide | Check OTT release date here

Budget 2023: India has made significant progress in many Sustainable Development Goals, says FM Nimala Sitharaman

Q3 Results 2023: Jubilant Foodworks, Ashok Leyland, Tata Chemicals, Mahindra Logistics announce quarterly earnings - HIGHLIGHTS

Budget 2023: Old vs New Tax regime - What has changed | New Income Tax regime standard deduction

Samsung Galaxy S23 Ultra Vs Galaxy S23 plus Vs Galaxy S23: Specification, Price comparison and other details

Anil Singhvi strategy on Budget day: Key market triggers, important Nifty50, Nifty Bank levels to track pre- and post-Budget today

Brokerage views: Sun Pharma, Coal India, Godrej Consumer, Indian Oil, Indian Hotels in focus on Budget day

Gillette India reports 6% rise in Q3 profit, announces Rs 35/share dividend payout

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
© 2023. India Dot Com Private Limited. All Rights Reserved.
LIVE TV