Demonetization: PM Modi defends note ban, says timing was right

Prime Minister Narendra Modi on Tuesday defended government's note ban move and said it was the best time for demonetization. 

"Since economy was in strong condition, timing of demonetization was the best," said Modi speaking in Lok Sabha.

The Prime Minister also lambasted the opposition for criticizing the move saying, "Changes were made in rules repeatedly post-demonetization as government wanted to find ways to ease problems of people."

He also said that the Opposition was more interested in giving bytes on television than debating over the issue. "From day one, we have been clear and are ready for a discussion on demonetisation but some were more keen in giving TV bytes and not debates or discussion," he said.

Modi also compared the demonetization drive with the Swachh Bharat mission. "Like Swachh Bharat, the decision of demonetization is a movement to clean India from corruption and black money."

The government delegalised the use of Rs 500 and Rs 1000 notes on November 8, 2016, citing that the exercise would help curb a thriving parallel black money economy and rein in counterfeit currency.

The government later said that the move was also to ensure that the country could move towards cashless modes of transactions.