Recalling high-value banknotes was a right decision made at the right time as the economy was in good health and there was a brief lull in business after the peak festive season, Prime Minister Narendra Modi said on Tuesday. In what was his first defence in parliament of the “demonetisation” of 500-and 1000-rupee, Modi compared his November 8 move to fight tax evasion and illicit wealth with surgery on a human body. The economy was doing well and thus our decision was taken at the right time,” a combative Modi said, peppering his speech with stinging attacks on the Congress for opposing the “demonetisation” move. The move triggered a severe cash crunch in the initial weeks and disrupted business and trade that hit the poor the most. This is a matter of great satisfaction for me,” the prime minister said.

Source: Hindustan Times February 07, 2017 07:41 UTC