Parrikar welcomes demonetisation

New Delhi, Nov 10 (IANS) Defence Minister Manohar Parrikar on Thursday lauded the move to demonetise notes of the denominations of Rs 500 and Rs 1000, saying that terror funding and black money used in elections have become ‘zero’ in a stroke.

“This is an excellent step by the Prime Minister (Narendra Modi). All the black money that was used in election, that black money has suddenly become null and void. It will ensure more free and fair election,” he said at the sidelines of the launch of book “The New Arthashastra: A Security Strategy for India”, edited by Brig. Gurmeet Kanwal (retd.).

“Taking away big notes may cause some problem, common man also uses it but, there is a freedom to deposit it in a bank. There will be some problem…

“There is a substantial (amount of) counterfeit notes, which are used by the enemy for terror funding. As the Defence Minister I am very happy, all these notes in one stroke have become zero,” Parrikar said.

“They (terror elements) cannot even put it in a bank, so automatically the major source of terror funding has got blocked. The impact will be seen in coming days because terror funding also requires money, that is now gone from the system. The common man can put it in the bank, those have illegally gotten wealth in big quantity, that money has become paper in a day. Definitely the black money funding of election go neutralised,” he said.

Prime Minister Modi on Tuesday evening announced that currency notes of Rs 500, and Rs 1000 will not be a legal tender after midnight of November 8. The government has said it has been done to fight counterfeit currency, black money, and funding to terror.