People opposing scraping of currency notes affected by it: Jitendra Singh

Minister of State in Prime Minister's Office Jitendra Singh on Wednesday said people opposing the government's move of scrap the Rs. 500 and Rs. 1000 currency notes are actually not able to accept it.

"They are the same people who say that the government is not doing anything, and when we do, they get upset. The actual truth is that for the past two years the way the Modi Government is fulfilling its promises made to the public and has initiated a campaign towards corruption, they are upset, or maybe, somewhere, they are also affected by the measures taken by us," Singh told ANI.

 

Singh further said, "The people are not able to accept how the Modi Govt. is able to stand on its promises made to public and added they should first clarify whether they support the government's move or not."

In a surprise late-evening televised address to the nation, Prime Minister Modi said the notes in circulation can be exchanged at banks till December 30th, adding that some concessions will be allowed for use of these notes at hospitals and crematoriums, and to buy air, rail and bus tickets till November 11th.

But the short notice sparked concern among people who then formed long queues outside ATMs across India, attempting to withdraw smaller bank notes.

"Banks will be closed tomorrow. It will cause some hardship to you. Let us ignore these hardships. In a country's history there come some moments when every person feels he too should be a part of it," the Prime Minister said.

Everyone from the common man to Dalal Street experts lauded the government's ban on Rs. 500 and Rs. 1,000 notes.

However, the move is expected to hit many sectors such as real estate and jewellery, where cash transactions are widespread.

Sectors like real estate and jewellery that use more of black money will take a big knock after Prime Minister Narendra Modi's massive crackdown with the withdrawal of Rs. 500 and Rs. 1,000 notes.

Real estate stocks have taken a pounding in early trade as the sector is expected to feel the heat of the government's move.