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India's ruling BJP backs govt's demonetization move

Xinhua, November 22, 2016 Adjust font size:

India's ruling Bharatiya Janata Party on Tuesday backed Prime Minister Narendra Modi government's decision to scrap currency notes of higher denominations.

Lawmakers of the party unanimously passed a resolution to approve the government's decision to outlaw old currency notes of 500 rupees and 1,000 rupees (7.5 U.S. dollars and 15 U.S. dollars respectively).

At the gathering of BJP parliamentarians, Modi made an emotional speech, saying that his shock decision earlier this month to abolish 500 and 1,000 rupee notes was taken "to help the poor" and urged lawmakers to inform the public about the many benefits of the reform.

"This is the beginning, not the end," the prime minister said about his plan to fight the menace of black money as well as tax evasion.

Modi has said that his move to demonetize currency notes of higher denominations is to curb the black money and circulation of counterfeit notes in the hands of terrorists. He has also promised long-term benefits from the move. Endit