India CSR News Network

NEW DELHI: “Prime Minister Modi’s epochal move to stamp out black money once and for all means a definitive and impactful end to the parallel economy and wider use of cashless transactions. The Prime Minister’s address to the nation clearly mentions his vision and objectives for introducing the unusual and innovative move of making Rs 500 and Rs 1000 notes not legal tender any more. It sends out the strong message that corruption and underground transactions will no longer be tolerated. Prime Minister’s resolute action infuses huge confidence among honest tax payers, legal industry and the public at large that India means business when it comes to halting corruption and black money,” said Dr Naushad Forbes, President, Confederation of Indian Industry.

He was responding to the bold measure to demonetize Rs 500 and Rs 1000 notes announced yesterday evening during an address to the nation by Hon’ble Prime Minister Shri Narendra Modi.

The impact of the decision to make Rs 500 and Rs 1000 no longer legal tender will be felt in addressing the issues of terrorism, counterfeit currency, and arms smuggling, as mentioned by Hon’ble Prime Minister. It would have economy-wide positive advantages in tackling the scourge of corruption that has taken hold in the country over the last several decades. Such an initiative was recommended by CII several times in the past.

CII has always supported measures to root out corruption and black money. CII’s code of conduct for ethical business prohibits bribery and money laundering and promotes ethical business dealings and compliance with laws on terrorist financing. In its submissions to the Government, it has suggested measures to address electoral spending, tackle black money and undertake steps to promote cashless transactions.