Modi defends note ban, promises long-term gains

New Delhi, Dec 8: A month after demonetisation triggered an unprecedented cash crunch in the country, Prime Minister Narendra Modi on Thursday defended his decision saying it will lead to long-term gains.

"I always said that the government's measure will bring a degree of inconvenience but this short-term pain will pave way for long-term gains," the Prime Minister said in a string of tweets.

"I salute the people of India wholeheartedly for participating in this yagna against corruption, terrorism and black money," he said.

"The decision has several gains for farmers, traders, labourers who are the economic backbone of our nation.

"No longer will the progress and prosperity of rural India be curtailed by corruption and black money. Our villages must get their due," Modi said.

It was on November 8 night that Modi announced that Rs 500 and Rs 1,000 notes would no longer be legal tender.

He said the move was aimed at battling corruption, black money, terror financing and fake currency.

On Thursday, Modi said: "We also have a historic opportunity to embrace increased cashless payments and integrate latest technology in economic transactions."

He urged the young to help make India corruption free and ensure more cashless transactions.

"Together we must ensure that India defeats black money. This will empower the poor, new middle class and benefit future generations," Modi said.