Demonetisation will unearth black money: Venkaiah

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Visakhapatnam: The demonetisation drive launched by Prime Minister Narendra Modi will unearth black money, rid the economy of counterfeit notes and check corruption, said union urban development minister Venkaiah Naidu.
Addressing the media after inaugurating the Vuda Children’s Theatre at Siripuram here on Saturday along with chief minister N Chandrababu Naidu, the minister said the demonetisation of the Rs 500 and Rs 1,000 notes is part of the central government’s strategy to transform India into a cashless economy. “Demonetisation will encourage a formal economy, improve tax collection, open up opportunities for poor and middle classes, stop funding for weapons smuggling, espionage, and terrorism as well as put an end to large circulation of counterfeit currency,” he added.
The union minister further said despite certain people with vested interests trying to spread misconceptions about the exercise, the common man has understood the future benefits of demonetisation. “Black money and corruption are weakening the country’s economic system and to cure this cancer, chemotherapy has to be done. In the beginning, there may be pain but there will be larger gains in the long run,” he said, adding that demonetisation would reduce economic disparities, develop a transparent society and benefit the less privileged.
Meanwhile, addressing the school students present at the inauguration ceremony, the minister said kids should learn to respect their country, mother tongue and culture. He added that a three-day film festival will be held at the theatre soon during which nine movies will be screened.

He also urged the organisers not to run the complex purely on a commercial basis but to work for promoting arts, culture, literature and sports.
Earlier, the chief minister along with the urban development minister unveiled a plaque in the theatre premises.