Demonetisation will fight 'corruption, black money': President Mukherjee

New Delhi [India], Jan. 25 (ANI): President Pranab Mukherjee on Wednesday backed the demonetisation drive, saying the move, which might have led to temporary slowdown of economic activity, will improve the transparency of the economy. Addressing the nation on the eve of the 68th Republic Day, President Mukherjee said, "Demonetisation, while immobilizing black money and fighting corruption, may have led to temporary slowdown of economic activity," he said. "As more and more transactions become cashless, it will improve the transparency of the economy," he added. Earlier this month, President Mukherjee had warned that Prime Minister Narendra Modi's demonetisation drive may lead to a temporary slowdown of the economy. "Demonetisation, while immobilising black money and fighting corruption, may lead to temporary slowdown of the economy," said President Mukherjee. The President added that the government must be "extra careful" to alleviate the suffering of the poor. "We all will have to be extra careful to alleviate the suffering of the poor which might become unavoidable for the expected progress in the long term," he said. He said that while he appreciates the thrust on transition from entitlement approach to an entrepreneurial one for poverty alleviation, he is not too sure that the "poor can wait that long". On November 9, a day after Prime Minister Modi's announcement, President Mukherjee welcomed the move saying that it "will help unearth unaccounted money". "President Mukherjee welcomed the bold step of the Government of India which will help unearth unaccounted money and counterfeit currency," said a statement from Rashtrapati Bhavan. (ANI)