Post demonetisation, Modi warns of more action against black money

In his first comments after he announced the demonetisation move, Prime Minister Narendra Modi on Saturday acknowledged the hardship being faced by people in India but said more steps could be taken to curb black money if required.

Addressing members of the Indian community in this Japanese city, Modi said he had already opened several windows for people to come clean on their ill-gotten wealth. After that, he said, he had to think of other ways and demonetisation was one such step — a matter that had to be kept secret.

He said that after the window offered in September for people to declare their unaccounted wealth, Rs 125 lakh crore was received by banks.

“If after this you think that the situation remains like before then it’s not my fault,” he said, adding that after the demonetisation scheme, “there is no guarantee that more won’t follow”.

He said if the money that surfaced in the banking system came without its legitimacy and source then there would be proper scrutiny since the beginning.

“I believe very clearly, that unaccounted money if it comes to light, then the accounts will be scanned from Independence.”

He said the government would bring in as many people as possible to do this work.

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