You are here: Home » News-ANI » International » World
Business Standard

IMF supports PM Modi's 'demonetization' move in fight against corruption

ANI  |  Washington D.C. [U.S.] 

International Monetary Fund (IMF) has supported Prime Minister Narendra Modi's efforts to fight corruption by demonetizing 500 and 1000 rupees notes but cautioned that the move has to be managed prudently.

IMF spokesman Gerry Rice told reporters in Washington that the global body supports Modi government's measures to fight corruption and illicit financial flows in India.

He, however, said that the move has to be managed prudently to minimize possible disruptions keeping in mind the large role of cash in everyday transactions in Indian economy.

Yesterday, Prime Minister Narendra Modi expressed happiness at the patient and orderly manner in which the citizens are getting the notes exchanged in banks following the cancellation of the legal tender character of the high denomination bank notes of Rs.500 and Rs.1000.

In a series of tweets, the Prime Minister also said that it is heartening to see such warmth, enthusiasm and patience of the citizens to bear this limited inconvenience for a greater good.

He assured that the Government is unwavering in its effort to create an India which is corruption free and in ensuring that the fruits of development touch every citizen.

Meanwhile, the Indian Government has taken a decision that old 500 & 1000 rupee notes will be accepted for making payments towards fees, charges, taxes and penalties payable to the Central and State Governments including Municipal and Local Bodies.

Such old notes will also be accepted for making payment of utility charges for water and electricity etc.

However, these facilities will be available only till midnight of 11th November, 2016.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, November 11 2016. 08:41 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU