Demonetisation of Rs. 500 and Rs. 1,000 notes is “a historic and impactful” step to fight corruption and black money, said N. Muthukumar, chairman of the Confederation of Indian Industry, Mysuru, on Thursday.
“We at CII Mysuru welcome the significant move and extend our full support to the Prime Minister and the government in its mission to eradicate black money. The sudden announcement will certainly accelerate economic growth, cause inflation to fall and create affordable products, which will create demand and growth of industries in the long run,” he said in a release.
With the Goods and Services Tax in place from April 1, 2017, this bold step will ensure higher tax compliance. Usage of IT and its penetration will play a major role and dependency on online transactions will grow exponentially, he said, adding that this was a good opportunity for startups to come up with innovative service ideas.
“We are very confident that the government and the banks, which have handled such demonetisation in the past, will play a big role in helping the public and bring about normality in day-to-day operations specific to industry needs,” Mr. Muthukumar said.
