Demonetisation decision not for some short-term windfall gain: PM Modi

In his first ever interview post demonetisation, Prime Minister Narendra Modi in a conversation with India Today discussed his bold move and warned the black money hoarders.

The Prime Minister said,"If the enemy runs, we will chase them. If they change their tactics, we will change ours. When the corrupt find new methods of cheating, we will identify new methods to clamp down on the same."

On the Parliament interruption, he said,"I pity a few of our opponents, especially the Congress leadership, for desperation they have been exhibiting. Congress leaders are preoccupied with only one thing - elections. There is nothing political in demonetisation decision".

Defending his move, he said,"It was a tough decision taken to clean up our economy and our society. If I were guided by short-term politics, I would have never done so".

On former Prime Minister Dr Manmohan Singh's comments, PM said, "It is interesting that the words 'monumental mismanagement' come from a leader who has been at the helm of India's economic journey for around 45 years. His reference to 'organised loot' was perhaps a reference to unending strings of scams under his leadership. Demonetisation on the other hand is an unprecedented step to confiscate the loot of the corrupt".

Modi said," When money returns to the bank, it loses its anonymity. Every rupee leaves a trail. This changes the game as the black money that didn't have an address till now has been tagged with one. We now know who has it, where and when. Hoarders of black money may hide behind the bank accounts of others, but unlike cash holdings, they can be traced. In this game of hide and seek, they have few days to hide, but the government has the time, mechanisms and, most importantly, the will to seek them out".

Emphasising that demonetisation was the need of th ehour, Modi said, "We took the decision not for some short-term windfall gain, but for a long-term structural transformation. Our objective was to clean up our economy and society of the menace of black money. The revenue collected will be used for the welfare of the poor, downtrodden and marginalised".

"Any erring officer or banker will be caught and punished. My government has zero tolerance for corruption", Modi added.

Over cashless economy he said, "Digital transactions should not be viewed only as a short-term substitute to help through the period of cash shortage. That is not my objective. Digital transactions deliver multiple benefits, they facilitate proper accounting and sizing of the formal economy. They also deliver greater tax compliance ensuring the dishonest do not escape payment of their dues.. Therefore, I see digital payments as a method of cleaning up the economy in the long-run".