A revolutionary step may have initial hiccups: Venkaiah Naidu

He said the demonetisation of higher currency notes had to be implemented with all secrecy as otherwise the people would have "taken care of" their ill-gotten wealth.

New Delhi, Nov 15 Stressing that any shortage in supply of currency is being taken care of by the government, Union minister M Venkaiah Naidu today said that a revolutionary or transformative step may have initial hiccups, but it gives long-term gains.

He said the demonetisation of higher currency notes had to be implemented with all secrecy as otherwise the people would have "taken care of" their ill-gotten wealth.

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"Thereby interest rates will be reduced, prices will be reduced, spending on the poorer will also increase, fiscal deficit will come down considerably," he said.

(With agency inputs)

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