Demonetisation would lead to long term gain: Naidu

Union Minister M Venkaiah Naidu today said those politicians, who are against the Centre's demonetisation of higher currency notes, should direct their anger towards "generators of black money" instead of criticising the government.
Underlining that difficulties being faced now would lead to "long term gain", the Union Urban Development and Information and Broadcasting minister said only those who have "invalid money" need to worry.
"Pain now for long term gain. If you have valid money it will not be invalid. If you have invalid money then only you have to worry.
"The move has been hailed by most financial experts and by the common man. People are praising Prime Minister.

"Instead of criticising the government, politicians anger should be directed at generators of black money and black marketers," he said in a series of tweets.
People are "praising" Prime Minister Narendra Modi for this initiative against black money, he said.

Naidu said the economy in 1978, when the currency notes were last scrapped, was much smaller and high value notes were less than 10 per cent but now it 86 per cent.
"Size of Indian economy is big now. At that time circulation of notes were 8800 crores but now it is 16.4 lakh crores," he tweeted.
Naidu also appreciated the decision to have separate queues for senior citizens and differently abled persons and also for deposits and for exchange of notes.

"Kudos to Bank Employees who are doing a great job...," he said.
Naidu's comments come in the backdrop of Congress and Trinamool Congress planning a united fight during the Winter Session of Parliament beginning November 16 against the demonetisation scheme.
"They (the opposition) first welcomed the remonetisation
but later accused that it is a madness, a scam, a scandal. I am not able to understand where is the question of any scam or scandal. It's a radical initiative taken by the Prime Minister," he said.
On inquiry over the allegations that some NGOs have indulged in converting black money into white, Naidu said, "Let facts come out first. Of course, the inquiry has to be conducted. It is a serious matter."

Rubbishing the opposition charge that the Prime Minister is changing the goalpost, he said the issues of black money, corruption, terrorism, demonetisation and cashless transactions are all inter-connected.
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Hitting out at Gandhi, Union minister Babul Supriyo said the Congress vice president comes up with "very unique" allegations.
"He has raised a question and now he himself will reply to it...More he speaks, the more we benefit and the Congress gets exposed," Supriyo said.