History will remember Prime Minister Narendra Modi, as the protector of Indian economy, said senior president of Tamil Nadu Chamber of Commerce and Industry S. Rethinavelu.
Welcoming the Union Government's announcement of demonetisation of Rs. 500 and Rs. 1000 currency notes, he said it would root out black money, counterfeit currencies and also eradicate bribe. The supply channel to fundamentalists will also be cut down, he said.
Stating that most of the bribe money is given only by tax-evaders, he said honest tax payers are not able to pay bribe and therefore they are not able to get their rightful services from various sectors.
Mr. Rethinavelu said that the Government could mobilise only Rs. 62,000 crore through the voluntary disclosure of income scheme that ended in September. “When the Prime Minister said that stern action will be taken against those hoarding black money, people thought it was a usual threat and nothing will happen going by the past experiences. However, Modi has now proven that he practises what he preaches,” Mr. Rethinavelu said.
He expected that the prices of various commodities and services would come down as black money had been playing its ugly part in abnormal increase of prices of commodities. Black money was almost a parallel economy threatening to lead to the collapse of the nation's economy. But, Mr. Modi has stopped that.
He would be remembered as protector of Indian economy, he said.
