Demonetisation will not check black money: Akhilesh Yadav

Uttar Pradesh CM Akhilesh Yadav today said demonetisation of Rs 500 and Rs 1000 currency notes will not serve the purpose of checking black money

Lucknow, Nov 12 Uttar Pradesh Chief Minister Akhilesh Yadav today said demonetisation of Rs 500 and Rs 1000 currency notes will not serve the purpose of checking black money.

"It's good that corruption is checked and people become aware that there should not be (any) corruption. But this problem cannot be overcome merely by changing Rs 500 and Rs 1000 notes...those who used to keep such notes are now waiting for Rs 2000 notes...," Akhilesh said.

"The government needs to ensure that things like these (corruption) are not repeated in future," he said on the sidelines of a programme here.

Lauding the balanced development of the state undertaken by the Samajwadi Party government, Yadav said projects such as the Agra-Lucknow expressway will be an achievement of the country in times to come.

"The country's future depends in the future of the state...If the future of the state is bright, it will also brighten the country's future," he stressed.

In a major attempt to tackle hoarding of black money, corruption and terror financing, Prime Minister Narendra Modi, on November 8, announced that all Rs 500 and Rs 1,000 rupee notes would cease to be valid in all forms of transactions.

PTI