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IMF welcomes demonetisation but calls for 'prudent handling'

  •   Fri, Nov 11 2016 10:26:21 AM

Washington, Nov 11 (PTI): The IMF today said it supports India's efforts to fight corruption through demonetisation, but noted that the transition needs to be managed "prudently" to minimise any disruption.

"We support the measures to fight corruption and illicit financial flows in India. Of course, given the large role of cash in every day transaction in India's economy the currency transition would have to be managed prudently to minimise possible disruption," the International Monetary Fund (IMF) spokesman Gerry Rice told reporters at a news conference in response to a question.

He was asked to comment on the Indian government's decision to withdraw Rs 500 and Rs 1,000 currency notes from circulation.

"I am just saying that when countries make these kinds of move, which is not exceptional - countries do this quite often - the transition needs to be managed very well," Rice said in response to another question.
  

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Comment on this article

  • RK, Mangalore

    Fri, Nov 11 2016

    Amigo , Mangalore please note this measure was not only to flush out black money but also to weed out counterfeit currency from the market. If counterfeit currency is found in garbage bin and rivers it's good. Also note increase in black money was also related to counterfeit currency in circulation. And if you come across any instance of illegal conversion report it and help the govt's effort instead of cribbing about it.

    DisAgree Agree Reply Report Abuse

  • Amigo , Mangalore

    Fri, Nov 11 2016

    This will prove the biggest BLUNDER of Feku government!!!! Trouble & Hardship only for the daily wages & common people neither for Rich nor for Blackmoney holders.

    DisAgree [4] Agree [10] Reply Report Abuse

  • Ramesh Babu, Mangalore

    Fri, Nov 11 2016

    All the saints over here do you'll think friends of modi have no clue? beside that people who have done money illegally are worried, no not at all they have nothing to lose they have already made their money and henceforth they will do it again. Thief is always a thief same as rapist is always a rapist he will never change. All you guys should request the government to check all the new transaction done on property purchase gold purchase etc so the truth comes out.

    DisAgree [1] Agree [9] Reply Report Abuse

  • Valerian D'souza, Udupi / Mumbai

    Fri, Nov 11 2016

    We should honestly appreciate demonetization, aimed to curb corruption, counterfeit notes,finance of terror and illegal activities.
    However, some people seems could exchange huge amounts of Old notes without even depositing them in the banking account!
    If it is true and happening, whole purpose and exercise is defeated.
    Whether Big Companies, High worth Individuals, Politicians, Bureaucrats, Political Parties are depositing old notes in Banks?
    Never say they don't have!
    If this scheme is misused, then surely it will back fire Govt.

    DisAgree [1] Agree [14] Reply Report Abuse

  • Satish Kumar, mangalore

    Fri, Nov 11 2016

    Hello Ali Baba- People are more happy on Modi's bold decision, black money holders never expect such things will happen , all politicians lost their money include BJP wala.

    DisAgree [15] Agree [13] Reply Report Abuse

  • Joseph F. Gonsalves, Bannur, Puttur / Mangalore

    Fri, Nov 11 2016

    I have appreciated depreciation / demonetisation of 500 and 1000 rupee currency notes by the chaaiwaala Prime Minister in my previous comments.

    THE AFTERMATH METHODS TO SUPPLY CASH TO THE CITIZENS IS A CHAOS.

    AND THIS CHAOS IS A ACCHHE DHIN FROM THE BJP.

    THAT IS THE REASON PEOPLE SHOULD NOT VOTE TO A CHAAIWAALA. THEY WILL UTILISE CHAAI TYPE OF METHODS TO SUPPLY CASH TO THE CITIZENS.

    DisAgree [14] Agree [18] Reply Report Abuse

  • Satish Kumar, mangalore

    Fri, Nov 11 2016

    Hi my Friend Rakib, Mangalore, It sounds that you might of lost so much of money Rs 500 & Rs 1000 notes stored illegally. Ha Ha Ha - Jindabad Modi

    DisAgree [17] Agree [20] Reply Report Abuse

  • William Patrao, Bejai, Mangalore

    Fri, Nov 11 2016

    A candid lesson for hoarders of illegal money, corrupt people and black marketeers. Instead of burning and distroying the Rs. 500 & Rs. 1,000 notes now, these could have been easily converted into legal money by paying 45% tax to the Govt. during the 4 months grace period given to those people. But the greed is paramount and they lost everything, alas!

    DisAgree [3] Agree [17] Reply Report Abuse

  • Lydia Lobo, Kadri

    Fri, Nov 11 2016

    Absolutely. One LIKE from me.

    DisAgree [1] Agree [8] Reply Report Abuse

  • Amigo , Mangalore

    Fri, Nov 11 2016

    William & Lydia,
    Instead of paying 45% tax people are finding the ways to legalize their former valid currency in 20% commission to the ordinary man by their Jan Dhan yojana. Secondly, the demonetized currency which is either burnt or found in the garbage or floting in the river, was counterfeit currency and not the real one. This is the biggest BLUNDER OF COW GOBERMENT by which only the common people suffer to the maximum like housewives, students, brides & grooms, daily wages people who are consists of 90% remaining 10% Super rech and blackmoney holders either already converted their currency or they will find many ways in our outdated British era system because they are SUPER CROOK also.

    DisAgree Agree [4] Reply Report Abuse

  • Rakib, Mangalore

    Fri, Nov 11 2016

    There is a news that present ATM machine does not recognizes new 2000 currency it will take atleast 10 days to fix ATM.
    Instead of being arrogant hope government accept the mismanagement and will allow use of earlier currencies.
    OMG!!! What a mess.. result of when a chai wala becomes economist and a criminal lawyer becomes finance.Atleast he should have consulted some economist having knowledge about Indian economy.

    DisAgree [36] Agree [18] Reply Report Abuse

  • sampath,

    Fri, Nov 11 2016

    You may join NDTV..they want people like you...

    DisAgree [16] Agree [26] Reply Report Abuse

  • Rjcn, Mumbai/Mangalore

    Fri, Nov 11 2016

    Subramaniam Swamy would have handled this situation better than Arun Jetley. People are standing in long queues. Nowhere in the world face this kind of problem to withdraw their own money. Chaiwala tricks may back fire as people are getting frustrated due to bad management and handling. Y...Y...Y....these 2000 notes if you want to stop black money...? Quality of 2000 note does not look good need to see security features as to how they come to our rescue. Hope no more fake notes.

    DisAgree [15] Agree [12] Reply Report Abuse

  • sampath,

    Fri, Nov 11 2016

    you seems to be unnecessarily frustrated like NDTV..

    DisAgree [14] Agree [14] Reply Report Abuse

  • Raj, Manipal

    Fri, Nov 11 2016

    I can stand in a big queue line in temple for my greedy thought.
    I can stand in a crowded queue line for a faltoo hero.
    I can show my patience at theaters and cricket ground.
    But, I feel irritated when i am forced to stand in a line for my country.
    The unsung heroes in the current context are the Bankers. They are all slogging. On one side, they have to meet all statutory requirements in such a short notice. On the other side, they have to handle the customers who are in a state of confusion and panic. They have to handle these and at the same time, they have to take care of their normal work (monthly targets and KRAs ). As customers, let us be aware of this and treat our bankers with patience and respect. They are also human beings. (Pl forward this to all your friends to create this awareness.)

    DisAgree [3] Agree [23] Reply Report Abuse

  • Rajesh, mangalore

    Fri, Nov 11 2016

    Agreed brother.

    DisAgree [2] Agree [7] Reply Report Abuse

  • Krishna Dasa, Udupi

    Fri, Nov 11 2016

    demonetisation our money is telling to Shri Krishna of Udupi is how much corrupt we are.

    DisAgree [2] Agree [7] Reply Report Abuse

  • tom cat , Navi Mumbai

    Fri, Nov 11 2016

    Feku will soon be robert mugabe of india.The value of rupee will fall as demand for rupee will reduce, people will now collect US dollars.

    DisAgree [29] Agree [21] Reply Report Abuse

  • KRPrabhu, Kudla/Bangalore

    Fri, Nov 11 2016

    Here after wards rats will be after cat. . .

    DisAgree [6] Agree [5] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Nov 11 2016

    today rupee has crashed ...

    DisAgree [4] Agree [5] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Nov 11 2016

    Burning & Dumping currency has happened first time in the World ...

    DisAgree [6] Agree [24] Reply Report Abuse

  • vasu, mangalore

    Fri, Nov 11 2016

    The Government is encouraging people to destroy their black money.Return logistic is a nightmare esp for black money.

    DisAgree [4] Agree [7] Reply Report Abuse


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Title: IMF welcomes demonetisation but calls for 'prudent handling'



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