Former Congress MP Undavalli Arun Kumar welcomed the decision of Prime Minister Narendra Modi to curb Black Money. At the same time, He faulted the manner in which the replacement of old notes with high denominations has been implemented.
Undavalli alleged Modi has committed a mistake no other Prime Minister has committed so far. 'Scrapping of Rs 500 and Rs 1000 without taking adequate measures to address the consequences has led to economic emergency in the country. People below the poverty line and middle class were badly hit by this sudden move,' he told.
The Senior Politician explains none of the big shots were worried after the Prime Minister addressed the Nation on November 8th, 2016. He told the decision has only created a panic situation all over the country.
Undavalli opined Rs 96,000 crore of Black Money had reach foreign destinations through hawala in the past. 'In this year alone, Rs 2.76 lakh crore of unaccounted money has been deposited in foreign banks. Modi's lack of experience led to this situation. No one is able to know what's happening in the country. The impact of scrapping currency notes will be on the common man for one year,' he says.
Undavalli alleged Modi has committed a mistake no other Prime Minister has committed so far. 'Scrapping of Rs 500 and Rs 1000 without taking adequate measures to address the consequences has led to economic emergency in the country. People below the poverty line and middle class were badly hit by this sudden move,' he told.
The Senior Politician explains none of the big shots were worried after the Prime Minister addressed the Nation on November 8th, 2016. He told the decision has only created a panic situation all over the country.
Undavalli opined Rs 96,000 crore of Black Money had reach foreign destinations through hawala in the past. 'In this year alone, Rs 2.76 lakh crore of unaccounted money has been deposited in foreign banks. Modi's lack of experience led to this situation. No one is able to know what's happening in the country. The impact of scrapping currency notes will be on the common man for one year,' he says.