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Business News/ Politics / Policy/  Black money helped Indian economy during global recession: Akhilesh Yadav
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Black money helped Indian economy during global recession: Akhilesh Yadav

Akhilesh Yadav says the demonetisation will not serve the purpose of checking black money

People queue up outside an ATM to withdraw money in New Delhi. Photo: PTIPremium
People queue up outside an ATM to withdraw money in New Delhi. Photo: PTI

Lucknow: In a controversial remark, Uttar Pradesh chief minister Akhilesh Yadav on Tuesday said economists were of the opinion that black money helped the Indian economy in times of global recession.

“I am very clear on this...black money should not be generated. Economic experts say the magnitude of the global economic crisis at times is not felt in India because of strong (parallel) economy of black money," he said.

“I am opposed to black money. I do not want it," he said on the sidelines of India-Myanmar-Thailand Friendship Car Rally flag off in Lucknow.

His remarks come in the wake of the Union government’s sudden decision to demonetise Rs500 and Rs1,000 notes to stamp out black money, resulting in serpentine queues outside banks and ATMs.

Akhilesh also said that whichever government had troubled the poor, it was shown the door by the masses. “This government has caused immense pain to commoners," he said.

The chief minister was of the view that demonetisation will not serve the purpose of checking black money. “It’s good that corruption is checked and people become aware that there should not be (any) corruption. But this problem cannot be overcome merely by changing Rs500 and Rs1,000 notes...Those who used to keep such notes are now waiting for Rs2,000 notes...," Akhilesh had said on Saturday.

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Published: 15 Nov 2016, 01:40 PM IST
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