Indian PM says critics of demonetisation move caught unprepared

Indian Prime Minister Narendra Modi Friday took a jibe at critics of the demonetisation move, saying the corrupt were upset as they were caught unprepared.

"Those criticising the demonetisation don't have a problem with the government's preparedness, their problem is that they didn't get time to prepare," Modi said at an event in the Indian capital.

He added: "Secrecy was key to the demonetisation as the government did not want to give time to people with black money to convert it."

Modi's remarks came a day after his predecessor, former Prime Minister Manmohan Singh, described the cash ban implementation as "monumental management failure" that would hit the country's growth.

"I cant think of any country where people have deposited their own money but cannot withdraw it. This alone is enough to condemn what has happened," Singh had said in Indian Parliament Thursday.

However, Modi said that "no one can take anyone's money". "The world is changing, money is not just available physically. We must move towards a cashless economy," he added.

The Prime Minister also said he has received overwhelming support for his move against corruption from people, saying "the common citizen has become a soldier against corruption and black money".

Modi had on November 8, in a sudden televised address to the nation, announced the scrapping of currency notes of 500 rupees and 1,000 rupees (75 U.S. dollars and 15 U.S. dollars) to curb graft. Endit