PM Narendra Modi's Dig At Critics On Notes Ban: Their Problem Is They Couldn't Prepare

New Delhi: In a dig at critics of the currency ban, Prime Minister Narendra Modi today said the corrupt were upset because they did not have "time to prepare."

"Those criticising the demonetisation don't have a problem with the government's preparedness; their problem is that they didn't get time to prepare," said the Prime Minister, who had in a sudden announcement earlier this month abolished 500 and 1,000 rupee notes to fight corruption and black or untaxed money.

He was speaking at a function to mark Constitution Day. Secrecy, he reiterated, was key to the demonetisation as the government did not want to give time to people with black money to convert it.

The government has faced criticism over the slow pace of introducing new notes, with banks running out of cash and ATMs having to be recalibrated to cope with the different sized bills, a process that is still incomplete. People have had to line up for days at banks to access the new currency.

Former Prime Minister Manmohan Singh said in parliament on Thursday that while he agreed with the intent of the demonetisation move, the implementation was a "monumental management failure" that would knock two percentage points off the country's growth.

"I cant think of any country where people have deposited their own money but cannot withdraw it. This alone is enough to condemn what has happened," Dr Singh said.

PM Modi strongly refuted that charge this morning. "Every person has a right to spend his or her money. No one can take anyone's money," he asserted, adding, "The world is changing, money is not just available physically. We must move towards a cashless economy."

The common citizen of India, the Prime Minister said, has "become a soldier against corruption and black money."

PM Modi has said that he has received overwhelming support for his move against corruption from people who responded to feedback on the demonetisation he had sought through a survey on his app. More than 5 lakh people responded.

The opposition argues that the survey does not is representative as most Indians do not use smart phones. It has also alleged that the questions on the survey did not allow for negative answers.

The government has said the withdrawal of all 500 and 1,000 rupee notes will bring billions of unaccounted money into the formal banking system and ultimately boost the economy.