“Don’t give your notes to anyone in a hurry. You have time till December 30. The government will pay you back in full. The government is committed to give your full money,” Modi said during a rally in Belgaum.
He admitted that there were inconveniences caused to the people but it was in the national interest.
“There is pain among people due to my decision (to demonitise high currency notes), but the nation will gain from this,” he said.
“I’ll stand by you till the very end,” the Prime Minister added.
“For 70 years the country has been looted, give me 70 months and I’ll clean up the entire nation (from black money).”
He also credited bank officials for working overtime for effective implementation of the move.
“Even retired officials offered voluntary services and this is commendable,” said Modi.
Modi arrived here after a three-hour visit to Goa where he digitally laid the foundation stone for a new greenfield airport at Mopa plateau and an electronic city in Tuem, both Pernem sub district. Here watch full speech of Narendra Modi in Goa:
In a combative and emotional speech, where he broke down at one point, Prime Minister Narendra Modi asked Indians to bear with the currency crunch for 50 days, saying that was the time frame needed to rid India’s financial system of corruption through the implementation of the demonetization scheme.
“I’ve only asked for 50 days. Give me time till December 30. If there is any shortcoming on my part, then punish me as you deem fit,” Narendra Modi said while addressing an event in Goa. Comparing his 50 day timeline with the accumulation of black money since Independence, he said he was aware of the forces lined up against him.
“They may not let me live, they may ruin me because their loot of 70 years is in trouble, but I am prepared,” he said.
Prime Minister Modi broke down at one point in the speech saying that he had “sacrificed everything — family, home — for the nation.”
Taking a dig at the Opposition, especially Congress Vice-President Rahul Gandhi, he said those involved in scams were standing in queues outside banks to withdraw Rs 4,000.
He also said many parliamentarians had pleaded with him not to enforce a regulation of providing PAN number while buying jewellery.
He said the government’s drive to root out black money by withdrawing Rs 500 and Rs 1,000 bank notes was the latest step in rooting out India’s economic problems, which had been ongoing for the last 70 years and which his government had been trying to solve for the past 17 months.
“Corruption and black money are ruining the future of Indian youth. Those who want to indulge in politics can do so, but I will give you the India we promised on December 30,” Modi said.
Citing some statistics, the PM said that in the past two years a total of Rs 1.25 lakh crore had been deposited in the government exchequer, while Rs 67,000 crore was due to various amnesty schemes for declaring unaccounted wealth.
The speech by Narendra Modi comes five days after the government announced that Rs 500 and Rs 1,000 bank notes would no longer be legal tender from midnight of November 8. The ensuing days have witnessed chaos with long queues of people outside Reserve Bank of India offices, bank branches and ATMs to exchange worthless notes for the new currency issued by the RBI.
Finance Minister Arun Jaitley on Saturday said in a press briefing that ATMs had not been recalibrated and that it would take up to three weeks for all the two lakh teller machines in India to start dispensing the new currency notes.
There was little respite for people queuing up outside banks and ATMs on Sunday, with branches witnessing unprecedented rush. A bank holiday on Monday in some parts of the country has sent people thronging branches. People lining up outside ATMs on Saturday night and Sunday morning have not been able to withdraw money because the ATMs are shut or have run out of cash.
The RBI on Sunday issued a statement saying that there is enough cash available at banks and people need not be anxious or make repeated trips to branches and ATMs to “hoard money”.
“The Reserve Bank assures members of the public that enough cash in small denominations is also available at the Reserve Bank and banks. The Reserve Bank urges that public need not be anxious; need not come over to banks repeatedly to draw and hoard; Cash is available when they need it,” the central bank said in a statement.