Revenue from demonetisation to be used for welfare of poor: Modi

Prime Minister Narendra Modi said on Thursday that the decision of demonetisation of Rs 500 and Rs 1,000 currency notes was taken for structural transformation and the revenue collected will be used for the welfare of the poor.

"We took the demonetisation decision not for some short term windfall gain but for a long term structural transformation," Modi said in an interview to India Today magazine which was carried in text form on India Today TV.

The Prime Minister also clarified that the objective behind the decision was to clean up the economy and curb the menace of black money.

"Our objective was to clean up the economy and society of the menace of black money, purging the distrust, artificial pressures and other ills that came with it," he said.

"The revenue collected will be used for the welfare of the poor, downtrodden and the marginalised."

--IANS

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