Narayanasamy slams decision

Chief Minister V. Narayanasamy on Wednesday criticised the Union Government’s decision to demonetise notes in the denomination of Rs. 500 and Rs. 1000 and said that it was a step in the wrong direction.

Talking to reporters during his election campaign at Nellithope, Mr. Narayanasamy said that Prime Minister Narendra Modi promised that he would bring black money stashed away in foreign banks within 100 days of coming to power.

But he has failed to keep his promise. Similarly, the Union Government had mopped up Rs.40,000 crore under the Voluntary Disclosure of Income Scheme till September 30.

The demonetisation move will only hit small traders and the common man, Mr. Narayanasamy said.

The Puducherry unit of the BJP has welcomed the demonetisation decision taken by Prime Minister Narendra Modi as most historic.

In a statement, V. Saminathan, president of the unit, said the intention of the measure was to strike at those having black money without having any concern for the nation.

N. Venkataramani, a financial planner based in Puducherry, said that Mr. Modi had come out with a bold step with the larger objective of launching an attack on black money.