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Goa CM: PM's decision 'checkmated politicians hoarding black money'; Side effects-Long queues outside ATMS, petrol pumps

Panaji: Prime Minister Narendra Modi, in a sudden address to the nation on Tuesday night, announced that "Rs 500 and Rs 1,000 denomination notes are being withdrawn from today". He said that such notes will become “mere paper”. Politicians who were hoping to win elections on the strength of black money have been checkmated, Chief Minister (CM) Laxmikant Parsekar said on Tuesday, calling Prime Minister Narendra Modi's decision to ban currency notes of Rs 500 and Rs 1,000 a "masterstroke" to check black money. "It is a bold decision that can only be done by a man with a 56-inch chest. It is a benefit for the common man and the taxpayer and ultimately the nation... But for those who hoard money in suitcases, those politicians who were hoping to win elections with the power of money are checkmated," Parsekar said. The Goa Chief Minister said at a press conference held late on Tuesday night at his residence that the Prime Minister's decision would make black money "vanish" from the market and help cut down inflation. Parsekar also asked Goans not to panic. "The state government will be helping out. Do not panic everyone who has nothing to hide will have nothing to lose," the Chief Minister said. Long queues outside ATMS, petrol pumps: Long queues were seen outside ATMs and petrol pumps in many parts of the country after Prime Minister Narendra Modi announced that Rs 500 and Rs 1,000 notes would not be legal tender after midnight on Tuesday. Image: Anurag Kumar/ABP LIVE Image: Long queue of people outside an ATM in South Delhi on 8th Sept, 2016. Anurag Kumar/ABP LIVE "It all started soon after the PMs speech ended. We have got massive rush.....really difficult to control. The situation is like this for the last over an hour ....and I don't see it improving in next few hours," said a petrol pump owner near Rambagh Circle in Jaipur. The situation was more or less the same at other petrol pumps in the city. Complaints of petrol pumps refusing to accept Rs 500 and Rs 1,000 notes: There were complaints of petrol pumps refusing to accept Rs 500 and Rs 1,000 notes. However, petrol pump owners said that they are only refusing to people who are demanding petrol or diesel of Rs 100-Rs 200 and giving Rs 1,000 in cash. Long line were also seen at ATMs and cash deposit machines. "I have been here for nearly one hour and it might take few more minutes for my turn to come," said Manish Kumar, standing at a cash deposit machine counter in Delhi. 'Demonetisation chaotic, will have no impact on black money': Terming Narendra Modi-led BJP government's decision to demonetise higher denomination notes as "abrupt" and "chaotic", a noted economist on Tuesday said the step has given a "negative shock" to the nation, but would have no impact on black money circulating in the country. Referring to an earlier instance of demonetisation carried out in the country, Abhiroop Sarkar, Professor at Indian Statistical Institute, told IANS: "It had no effect on the circulation of black money. Actually, the very premise that demonetisation will help in removing the menace is wrong." "That's because people don't stack black money in cash. Rather, they stash it in undisclosed accounts in Swiss Banks. So demonetisation won't affect the big fish," said Sarkar. Sarkar said during Narasimha Rao's prime ministerial tenure, there were allegations that Rs 1 crore had been paid to him in cash as bribe. "Then it was measured that a big suitcase was needed to pay Rs 1 crore in cash. Now considering the black money circulating in our country, Rs 1 crore is a small amount. If you want to trap the big black money holders, you need to look at sums of Rs 100 crores. "But is it feasible for them to horde such big amounts in cash? That doesn't make sense," he said. "This can at base net some minor players." In 1978, the Janata Party government of Prime Minister Morarji Desai had demonetised currency notes of Rs 1,000, Rs 5,000 and Rs 10,000. "But that was not done so abruptly. In the present case within a few hours notes of denomination of Rs 500 and Rs 1,000 have become illegal. That has only led to a chaotic situation. People are confused. It has come to the nation as a negative shock." Sarkar said when a government comes out with a voluntary disclosure of income scheme to net black money, the exchequer gains in the form of additional revenue. "But when you demonetise, the government does not get any revenue. So the government does not benefit."
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