RBI to announce facility for NRIs to exchange old notes
The Reserve Bank of India (RBI) on Saturday said that it will introduce a facility for exchange of old specified…
Union Defence Minister Manohar Parrikar on Thursday said demonetisation
of Rs.1000 and Rs.500 notes will ensure the upcoming elections to some state
assemblies are more free and fair, besides neutralising terror funding.
“A lot of politicians are already worrying,” Parrikar said,
apparently referring to opposition’s criticism of the government’s action.
He also said he came to know about the move to do away with the higher
denomination notes only at the Cabinet meeting when the Prime Minister’s speech
was aired.
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Parrikar said the next morning he realised he was the richest in the defence
ministry as he had Rs.220 (in smaller change) in his pocket. The Rs.7,000 he
also had did not matter then.
“This is an excellent step by the Prime Minister. Black money was used in elections.
That black money has become null and void. So obviously, it will ensure more
free and fair election,” he said speaking at the launch of the book
“The New Arthashastra – A Security Strategy of India,” edited by
Brigadier Gurmeet Kanwal (Retd).
He said there are “substantial counterfeit notes” which India’s
enemies are using for terror funding.
“As a Defence Minister I am very happy. In one strike it has all
vanished,” he said.
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