Describing demonetisation of higher currency notes as a decision of the century, Minister of State for Development of North Eastern Region Jitendra Singh on Thursday said the move will streamline the economy of India and would also revolutionize its mindset and approach towards clean economic management.
"Demonetisation is a misnomer for the decision taken by the Government, because actually, it is the withdrawal of legal tender with reference to Rs. 500 and Rs. 1000 notes and not "demonetization" as such," said Singh while addressing the inaugural function of the 22nd Conference of Central Bureau of Investigation (CBI) here.
Singh said the decision taken by Prime Minister Narendra Modi is motivated by his honesty and courage of conviction while those who oppose it are motivated by an attempt to sabotage it.
"In the long term, withdrawal of Rs.500 and Rs.1000 notes and the resulting fallout will not only enrich the bank deposits, but it will also bring about a change in our social behavior by helping to overcome the habit of hoarding black money and draining away the legitimate national exchequer," he said.