Demonetisation 'decision of the century': Jitendra Singh

"To be precise, demonetisation is a misnomer for the decision taken by the union government, because actually, it is the withdrawal of legal tender with reference to Rs 500 and Rs 1,000 notes''.

New Delhi, Nov 18: Calling demonetisation the "decision of the century", Minister of State in the PMO Jitendra Singh on Thursday said that it would not only streamline India's economy, but would also revolutionise the nations mindset and approach towards clean economic management.

"To be precise, demonetisation is a misnomer for the decision taken by the union government, because actually, it is the withdrawal of legal tender with reference to Rs 500 and Rs 1,000 notes and not 'demonetisation' as such," said Singh at the inaugural function of the 22nd Conference of Central Bureau of Investigation (CBI), State Anti-Corruption Bureaus, Vigilance Bureaus and Economic Offence Wings here.

"Those who oppose it are motivated by an attempt to sabotage it because they have less to show and more to hide," he added.

He said, in the long term, withdrawal of Rs 500 and Rs 1,000 notes and the resulting fallout will not only enrich the bank deposits, but it will also bring about a change in social behaviour by helping to overcome the habit of hoarding black money and draining the legitimate exchequer.

He further said that the Union government "has ensured full independence to the functioning of CBI so that it can perform its professional work without any intimidation or political pressure".

"The rise in credibility of CBI is evident from the fact that even in small towns, for a petty crime also, people start demanding that the case should be handed over to none less than the CBI," he said.

IANS