PM Narendra Modi 'Bravely Riding A Tiger', Says Nitish Kumar On Notes Ban

Patna: Nitish Kumar is resolute about standing apart from the rest of the Opposition about Prime Minister Narendra Modi's decision to outlaw 500 and 1000-rupee notes. "Prime Minister Modi is now riding a tiger which could damage his alliances, but there's great sentiment in favour of his move and we should respect that," said Mr Kumar, who is the Bihar Chief Minister, to his party leaders.

On November 8, PM Modi said that just a few hours later, the high-denomination notes would be pulled from circulation as part of his commitment to ridding India of black money and corruption. The Opposition, which has broadly expressed its support for the cause, has united to indict the government for failing to protect the poor who were left cashless by the sudden move. The government has argued that without the element of total surprise, the reform would have been ineffective.

Last week, Mr Kumar, usually averse to praise for the PM, said that Prime Minister Modi had his "full support" on demonetisation, though his party members hastened to stress that the Chief Minister is concerned about the hardship that rural India has been placed under. 86% of the cash in circulation comprised of the notes that have been banned, and lakhs excluded from the banking system are now stranded, including farmers.

"The party will not hesitate to highlight these inadequacies," the Chief Minister assured his party yesterday. He said that he will continue to urge PM Modi to crackdown next on benami or proxy-owned property, where black money is invested in huge amounts.