Cancellation of Rs 500, 1000: FICCI hails PM’s extremely bold decision
New Delhi: Commenting on the decision of the Union government to suspend the legal tender status of currency notes of Rs 500 and Rs 1000, FICCI president Harshavardhan Neotia, said it is a bold move by Prime Minister Narendra Modi, which will have a debilitating impact on the parallel economy in the country as well as a deadly blow to terror financing.
“FICCI totally supports this move of the Centre and complements it for its continuous and comprehensive measures to deal with the issue of black money in the country”, he added.
“There could be some inconvenience that this change may lead to for the people for a few days. However, we are sure that the government and the RBI will take adequate measures to ensure the transition happens smoothly. We appeal to all sections of society to support this initiative and help India’s economy gain strength by addressing the menace of black money and illicit transactions”, Neotia added.