Pratap Simha, Mysuru MP, on Wednesday welcomed the Centre’s demonetisation of Rs. 500 and Rs. 1,000 notes and felt that the move will give a big boost to the country’s economy and end the menace of black money.
Addressing a press conference here, the MP said that people with legitimate money need not worry and claimed that unaccounted transactions in real estate sector will be hit hard.
Politicians will also be badly affected since a lot of black money was used in the elections. The demonetization of rupee can ensure fair elections in the coming years, he added.
Mr. Simha opined that the banking sector will be largely benefited by the move and claimed that there was an estimate that over Rs. 30,000 crore of liquid cash (in old high denominations) was expected to be deposited in the banks in the coming days.
This may give way for introducing new lending policy besides bringing down the interest rates, he observed.
Mr. Simha said that there was an estimate that real estate transactions would come down by at least 30 percent.
The MP urged the people to bear the initial inconvenience caused by the move for larger benefits in the days ahead.
