- 99 per cent of banned cash legally returned after demonetisation: RBI
- Nitish Kumar was first Chief Minister to support PM Modi's notes ban move
- PM Modi banned high-value notes last year to battle corruption
"Ultimately demonetisation will hit and hurt all those have black money," said Nitish Kumar resolutely, when asked today whether he regrets his quick support last year to the notes ban in view of the recent Reserve Bank of India report.
Critics have attacked PM Modi alleging that the notes ban failed in its stated aim of unearthing black or untaxed money and that the sudden cash clampdown cost the economy more than it gained.
Nitish Kumar was the first Chief Minister last year to praise PM Modi for his ban on high value notes. Mr Kumar was then a key member of the opposition and his position on the notes ban had isolated him. He had to convince even his reluctant party, the Janata Dal United, on board. It was the first in a series of steps that would signal his return to the BJP-led national alliance NDA, a process that was formally completed last month.
Before that, Nitish Kumar dissolved what was billed as his "Grand Alliance" with Lalu Yadav and the Congress in Bihar and set up a government in the state in partnership with the BJP. The Chief Minister said he was compelled to dump Lalu Yadav because of a series of corruption cases against the veteran Bihar politician and his family.