Demonetisation was not a 'Jhatka', had warned people a year earlier: PM Modi

New Delhi: Prime Minister Narendra Modi on Tuesday said that the decision to ban old Rs 1000 and Rs 500 notes was not a 'Jhatka' (shock or sudden blow), adding that he had warned people a year earlier.

In an interview to news agency ANI, Modi said, “ This (Demonetisation) wasn’t a jhatka. We had warned people a year before, that if you have such wealth (black money), you can deposit it, pay penalties and you will be helped out. However, they thought Modi too would behave like others so very few came forward voluntarily.”

PM Modi on November 8, 2016 had announced demonetisation of Rs 500 and Rs 1,000 notes. The Reserve Bank of India in its annual report later had said that 99.3 per cent of the total banned notes had returned to the banking system.