It has been exactly one week since Modi made an unexpected announcement about the ban on the big notes in the country. The announcement left everyone in shock, but there are many people who are showering praises on Modi for making his pre-poll promise true in a very short time after they came into the ruling.
Not just local media, but also international media has reacted well to the decision. Though there are many issues raised after the ban on big notes in the country, people were appreciating the brave decision of Modi on the ban.
The biggies of media have reacted to the decision made by Modi. BBC in a statement said that “Much of the government’s new initiative remains mired in confusion. It is not clear exactly what will be the effect on the money supply or whether it will take out a lot of cash in circulation.”
It also added that “Questions arise as to the impact in rural areas. Will they still use the old notes or will ‘a black market in black market notes’ emerge?”
The Washington Post reacted positively for the initiative taken by Modi. They titled the initiative as ‘ambitious’ and praised him for keeping up with the pre-poll promise about the ban on black money.
The post read ‘black money in India is estimated to be from $400 billion to more than $1 trillion.’ The Financial Times in the UK also issued an article saying ‘India just took another big step in its long-running battle to crack down on the shadow economy.’
It also quoted saying “the sudden step might lead to some confusion in the near term’ and there was the possibility of short-term cash shortages if the transition were not handled smoothly.”