Almost 2 months after demonetisation, President says it can hit economy

The President has earlier hailed several programmes initiated by Prime Minister Narendra Modi, but avoiding commenting on demonetization so far.

Almost 2 months after demonetisation, President says it can hit economy

Breaking his silence over demonetisation after more than 50 days, President Pranab Mukherjee on Thursday said the note ban may lead to a temporary slowdown of the economy.

"Demonetisation, which is immobilising black money and fighting corruption, may lead to temporary slowdown of the economy," said Mukherjee while delivering the New Year Message to the Governors/Lt. Governors through video conferencing.




The President also said we all will have to be extra careful to alleviate the suffering of the poor and the poor need to get succour here & now.


President Pranab Mukherjee has earlier hailed several programmes initiated by Prime Minister Narendra Modi, but had avoided commenting on demonetisation so far.

In December last week, President had signed the Specified Bank Notes (Cessation of Liabilities) Ordinance, extinguishing the Reserve Bank of India’s liability in respect of cancelled Rs 500 and Rs 1,000 notes and allowing the government to issue  penalty for anyone found to be holding and or dealing in these notes beyond a threshold.