Prime Minister Narendra Modi on Saturday said that terrorism and Naxalism which were heavily reliant on black money had been effectively neutralised thorough the government's demonetisation drive.
In his 43-minute address to the nation, he said "Terror, Naxalism, etc rely on black money. This one decision has attacked them. Many youth are shunning violence. We can prevent our children from joining the path of violence. The money that was outside the economic mainstream is back."
Thanking bank officials for working hard during demonetisation process, Prime Minister Modi said the decision will force the corrupt and black money hoarders to come into the economic mainstream.
The Prime Minister also said had former prime minister Lal Bahadur Shastri, and legendary freedom fighter K. Kamraj and socialist Jayaprakash Narayan been alive, they would have welcomed the government's decision to scrap Rs. 500 and Rs. 1,000 notes and blessed the nation's citizens for their stoic and courageous approach and support for the decision.
"Economists have a consensus that cash should be in mainstream of economy. If Shastri, Kamaraj or other great leaders were alive, they would have blessed us. Citizens want to be back in the economic mainstream," he said.
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He also said strong measures would be taken against bank officials who have been working in hand and gloves against unscrupulous persons in converting the black money into white.
"Yes, in some banks there have been serious faults. Shameless attempt to benefit has also come to light. They won't be spared. This is a golden opportunity for the banking system. Banks should now keep poor and middle class at the centre. Banks should act in people's welfare. As soon as possible, take decisions for benefit of citizens. We will get good results for future," Prime Minister Modi said.
He also said that by scrapping old bank notes and adopting digital payments, India had done the unprecedented in world history.
"What India has done is unprecedented in world history. 500 and 1000 notes were being used more for the parallel economy. In our economy there were mountains of notes. Inflation, and black marketing was going up. Yes, the lack of cash gives pain, but more cash is more painful," he added.
Prime Minister Modi said demonetisation will benefit the people and will get good results in the future.
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