AIAI hails demonetization of high denomination notes

AIAI hails demonetization of high denomination notes

The Hon’ble Prime Minister Mr. Narendra Modi since taking over his office had strongly campaigned for eradicating Black Money. This was brought in through the initiative Income Declaration Scheme 2016 (IDS) which was successful to a great extent. But the sudden demonetization drive is a master stroke drastically done which besides eradicating black money right from the roots of the system, giving the right signal to investors said Mr. Vijay Kalantri President, All India Association of Industries (AIAI).

Mr. Modi’s bold step also targets counterfeit money in the system which is also being used for terrorist and political activities. Such bold and swift steps will definitely build up India’s economic image at large in Global arena.

AIAI further feels that India was one of the countrys’ always accused for corruption and Black Money. This initiative taken by the Hon’ble Prime Minister, Mr. Modi definitely gives the right indication to investors and honest tax payers.

AIAI is of the opinion that no doubt there will be initial hiccups in view of the bold steps taken. Industry and trade should be one with the Government’s initiative to eradicate corruption which is a big menace for the growth of Indian economy and also the parallel economy is not good for a developing country like India. This action also cleanses the rampantly corrupt political system which was seeped in corruption right from the core of its structure.