PM Modi's Masterstroke, Says Narayana Murthy on Cash Ban

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PM Modi's Masterstroke, Says Narayana Murthy on Cash Ban

N R Narayana Murthy said the decision on bank notes will accelerate the move towards a digital economy.


Highlights

  1. Narayana Murthy calls ban of Rs 500, Rs 1000 notes a 'masterstroke'
  2. Decision to accelerate move towards digital economy, said Infosys founder
  3. Nitish Kumar welcomed the move, Mamata Banerjee called it 'draconian'
New Delhi: Infosys founder N R Narayana Murthy has called the government's decision to abolish Rs 500 and Rs 1,000 currency notes a "masterstroke", and said it would address problems like black money and corruption and also accelerate the move towards a digital economy.

"Prime Minister is working hard to reduce corruption. Black money is a scourge on any developing economy. He (PM Modi) has been a great supporter of digital economy.

So yesterday when he made the announcement, I thought it was a master stroke," Mr Murthy said here at a function.

He said he hoped the decision would help reduce corruption and black money, and also accelerate the move towards a digital economy.

PM Modi had made last evening made an address to the nation to announce the major assault on black money, fake currency and corruption, scrapping the big denomination notes effective four hours later.

Finance Minister Arun Jaitley said today that the decision was a "gamechanger" in the battle against black money and promised that teething problems in the transition to replacement currency would be sorted out soon.

Political rivals like Bihar Chief Minister Nitish Kumar have welcomed the move. But Mamata Banerjee, West Bengal Chief Minister, has called it a "draconian decision" and Congress vice president Rahul Gandhi said "real culprits" who have stashed black money are "sitting tight" while lives of farmers, small shopkeepers and housewives "have been thrown in utter chaos".

"Once again Mr Modi shows hw little he cares abt ordinary ppl of this country-farmers, small shopkeepers, housewives-all thrown into utter chaos (sic)," Mr Gandhi tweeted.


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