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PM Narendra Modi Defends Currency Spike in an Emotional Speech, says it was done for the Benefit of People

The Prime Minister said that demonetisation decision is just a "beginning of government's crusade against black money and corruption"

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Prime Minister of India Narendra Modi.(Representational image) Wikimedia
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New Delhi, November 22, 2016: In an emotional speech to parliament members from his ruling BJP, Prime Minister Narendra Modi on Tuesday vehemently defended the demonetisation move, saying it was done for the benefit of the people.

Addressing the BJP Parliamentary Party meeting here, Modi urged the members to counter what he called was “misinformation” being spread by the opposition parties on the demonetisation of Rs 500 and Rs 1,000 currency notes.

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“We came to power for the poor, not for our own sake,” the Prime Minister said in his speech, according to Parliamentary Affairs Minister Ananth Kumar.

“The poor, the lower middle class and middle class have been suffering since the last 70 years due to corruption and black money.”

“This decision is in favour of the people and against black money, corruption and counterfeit currency. Our target is fight a long battle against all these,” said Modi, according to Ananth Kumar.

According to sources, the Prime Minister said that demonetisation decision is just a “beginning of government’s crusade against black money and corruption”, and such type of actions will be continued.

Sources also said that Prime Minister asked party leaders not to use the word “surgical strike” for demonetisation.

“Don’t call it a surgical strike. Only a soldier can do that,” a source quoted Modi as saying at the meeting.

Incidentally, BJP President Amit Shah, in his first reaction after demonetisation scheme was announced, had dubbed the move as surgical strike on black money and corruption.

The BJP Parliamentary Party also passed a resolution backing the government’s decision to spike the high value currencies. The resolution was moved by Home Minister Rajnath Singh.

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Ananth Kumar told the media: “The Parliamentary Party unanimously passed a resolution on the historical demonetisation decision of November 8.”

“The Parliamentary Party unanimously welcomes the historic announcement made by PM withdrawing the legal tender value of currency notes of Rs 500 and Rs 1,000 and compliments the Prime Minister, the government and the Reserve Bank Of India,” the resolution said.

“The parliamentary party is supremely confidant that this bold initiative will achieve the intended objectives cutting off financial support to terrorists and extremists organisations, address the problem of counterfeit currency besides checkmating unaccounted money in the system and serving as a serious warning to those indulging in corruption,” it added.

It also acknowledged the initiative as a national project of cleansing the system and of great significance that will usher in behavioural and attitudinal changes encouraging honesty in personal and public life, particularly political life.

“This will benefit the poor and the common man in several ways. Over the last 70 years, common man has resigned to grudgingly accept the foul ways of these in power and close to power, to exploit the system and make ill-gotten wealth,” it said.

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The resolution condemned “malicious efforts” of some political parties which are “desperate to provoke violence and chaos” having been rattled by the widespread support of the people to the government’s initiative and bent upon disrupting the proceedings of Parliament on one pretext of the other”.

The BJP Parliamentary Party also hailed the common man for patience despite facing hardships.

“They are queuing for a better India,” the resolution said. (IANS)

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To Review The Existing Framework of MIIs, SEBI Puts Forward Higher Regulatory Requirement

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.

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According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).
SEBI Building Mumbai, Wikimedia commons

The Securities and Exchange Board of India (SEBI) on Friday proposed higher regulatory requirement in terms of ownership, governance and certain additional standards of essential accountability “Credit Rating Agencies, Registrar to an Issue and Share Transfer Agents and Debenture Trustees”.

According to SEBI, the changes have been proposed by its committee under the Chairmanship of R. Gandhi, Former Deputy Governor, Reserve Bank of India, to review the existing framework of MIIs (Market Infrastructure Institutions).

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.
Representational Image, Pixabay

Currently, stock exchanges, depositories and clearing corporations are collectively referred to as securities MIIs.

“The committee, based on the presentations made by the market intermediaries, felt that these intermediaries do not meet majority of the criteria of MIIs,” the committee’s report said.

Also Read: Apple Leads Global Tablet Market, Samsung Second

“However, certain characteristics such as size, concentration, high dependence of investors on their services, market share, etc. make them significantly important.”

Accordingly, the regulator has called for public comments till May 19 on the recommendations made by the committee. (IANS)