Demonetisation a "hasty decision": Deve Gowda

Former prime minister H.D. Deve Gowda has dubbed the Union government's demonetisation initiative as "a hasty decision".

Bengaluru, Nov 23: Former prime minister H.D. Deve Gowda has dubbed the Union government's demonetisation initiative as "a hasty decision".

Gowda, however, said he is not in favour of black money hoarders, but hinted that scrapping of higher value notes could have been done in a better way.

"Demonetisation is a hasty decision. I am not in favour of black money holders, but at same time demonetisation isn't simple," news agency ANI quoted the former prime minister as saying.

Earlier this month, the government demonetised currency notes of Rs 500 and Rs 1,000, replacing them with new Rs 500 and Rs 2,000 bills in an effort to root out black money and terror funding.

The decision has had a severe impact on the lives of the people as massive cash crunch hit the entire nation.

People faced grave inconvenience as everyone queued up in front of banks and ATMs to get hold of valid currency notes.

Oneindia News