PM Modi warns of more action against black money

Saturday, 12 November 2016

Acknowledging the hardship being faced by people in India post the demonetisation of Rs 500 and Rs 1,000 currency notes, Prime Minister Narendra Modi on Saturday said the government will go through all personal records since Independence, if required, on the issue of black money and no violator would be spared.Modi’s remarks came as tempers flared at many places outside banks and ATMs across India as tens of thousands of anxious people waited for the third consecutive day to deposit or exchange their spiked currency or take out cash.

Opposition parties, including Congress and the Janata Dal-United, criticised Modi for his remarks, made in Japan, saying that he should have first targeted the “big fish” who are perceived to have black money.

“We will check all the records since Independence. If I come across any unaccounted cash, no one will be spared,” Modi said, addressing the Indian diaspora in Kobe.

He said if the money that surfaces in the banking system comes without its legitimacy and source then there will be proper scrutiny since the beginning.

“I believe very clearly, that unaccounted money if it comes to light, then the accounts will be scanned from Independence.”

He said the government would bring in as many people as possible to do this work.

His remarks come in the wake of the government demonetising Rs 500 and Rs 1,000 notes from midnight of November 8.

Modi said he had already opened several windows for people to come clean on their ill-gotten wealth. After that, he said, he had to think of other ways and demonetisation was one such step — a matter that had to be kept secret.

He said that after the window offered in September for people to declare their unaccounted wealth, Rs 125 lakh crore was received by banks.

“If after this you think that the situation remains like before then it’s not my fault,” he said, adding that after the demonetisation scheme, “there is no guarantee that more won’t follow”.

At the same time he said that he was aware of the hardship people we