The Narendra Modi-government’s drastic decision to demonetise ₹500 and ₹1,000 currency notes has evoked strong reactions from political circles.

Finance Standing Committee Chairman Veerappa Moily said the Prime Minister failed to announce a proper plan that must follow the scrapping of notes. “Penetration of the banking system is very poor, particularly in the rural sector. Credit and debit cards have also not reached 80 per cent of the population. How will the government implement this programme” Moily asked.

CPI (M) Deputy Leader in the Lok Sabha Mohammed Salim said: “Corruption,terrorism and black money are real problems for the country. They require long-term plans and actions. The country needs proper solutions, not gimmicks.”

The BJD has welcomed the step. Bhartruhari Mahtab, Leader of BJD Parliamentary Party, said: “I welcome the bold step by the Prime Minister to freeze ₹500 and ₹1000 notes to weed out black money from circulation. The next step is to keep a hawk’s eye on the money that may change hands now.”

BJP President Amit Shah welcomed the ban on ₹500-1,000 currency notes and described the Prime Minister's decision as a “surgical strike” in the fight against corruption and black money. Shah said the Prime Minister had initiated steps to weed out black money from the economy from the day that the BJP Government was sworn in.

By setting up the SIT and by different arrangements with a host of countries and similar policy decisions, the PM paved the way for a black-money-free economy and the results have just started to show, said the BJP President. He said the decision today will prove to be historic in taking the country towards economic prosperity and growth.

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