Janata Dal (United) (JD (U)) leader Pawan Verma on Thursday said his party backs both demonetisation and calls for electoral reform whole heartedly.
"The President's speech must always be taken with great attention by every political party. As far as JD (U) is concerned, we had from the very beginning supported the intent behind the demonetisation move because it was aimed against black money and corruption," Verma said.
He said the party thinks that the time has come for the government to explain to the people what they have gained through this measure and how much black money has been retrieved.
"We have said that there have been large segments of people who have faced inconvenience. The budget must take care of providing some compensation to them," he said.
He added that one of the key causes of corruption and black money is the absence of electoral reform and that it should be pursued, saying this step needs to go beyond.
"We completely agree with the President as it is time to implement a substantive and comprehensive bill of electoral reform. The JDU has immediately supported the Election Commission's instructions that all donations to parties up to Rs. 2000 must identify the donator. In fact Chief Minsiter of Bihar, Nitish Kumar, has said that even Rs. 1 has to be identifiable," Verma said.
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He added that the elections should be able to be fought without the support of money and they fully endorse the President Pranab Mukherjee's call for electoral reform.
President Pranab Mukherjee on Wednesday backed the demonetisation drive, saying the move, which might have led to temporary slowdown of economic activity, will improve the transparency of the economy.
Addressing the nation on the eve of the 68th Republic Day, President Mukherjee said, "Demonetisation, while immobilising black money and fighting corruption, may have led to temporary slowdown of economic activity," he said.
The President added that the government must be "extra careful" to alleviate the suffering of the poor.