Disclose how you will bring black money from abroad: JD (U) to Centre

The Janata Dal (United) on Thursday said that the Centre and the BJP need to disclose all measures being taken to bring black money stashed abroad, as this was one of the key promises of their 2014 general election manifesto.

"We support the Centre's step, but we will want to know what steps he (Narendra Modi) has taken to bring back the black money deposited in foreign banks. This was promised in the BJP 2014 election manifesto," said JD (U) spokesperson Rajiv Ranjan.

In a surprise late-evening televised address to the nation on Tuesday, Prime Minister Modi said the Rs.500 and Rs.1000 currency notes currently in circulation can be deposited or exchanged at banks till December 30th, adding that some concessions will be allowed for the use of these notes at hospitals and crematoriums, and to buy air, rail and bus tickets till November 11.

"It will cause some hardship to you. Let us ignore these hardships. In a country's history there come some moments when every person feels he too should be a part of it," the Prime Minister said.

Everyone from the common man to Dalal Street experts lauded the government's ban on Rs. 500 and Rs. 1,000 notes.

However, the move is expected to hit many sectors such as real estate and jewellery, where cash transactions are widespread.

Sectors like real estate and jewellery that use more of black money will take a big knock after Prime Minister Modi's massive crackdown with the withdrawal of Rs. 500 and Rs. 1,000 notes.

Real estate stocks have taken a pounding in early trade as the sector is expected to feel the heat of the government's move.