Demonetisation a good idea but execution not up to the mark, says Narayana Murthy

Zee Media Bureau

New Delhi: Terming the decision to demonetise Rs 500 and Rs 1,000 currency notes to be a good idea, Infosys’s co-founder Narayana Murthy has said that the execution of the same is not up to the mark.

In an interview to CNBC-TV18, Murthy said, "the execution has not been upto the mark as PM would have wanted".

Stating that demonetisation will push people towards digitization, Murthy further said, “next step after this is to tighten tax avoidance so that there is enough deterrent for people to not avoid tax payment”.

A day after PM Modi announced that Rs. 1,000 and Rs. 500 notes would no longer be legal tender, Murthy had said that this hopefully will help reduce corruption and black money and also accelerate the move towards digital economy.

Earlier this week, the government had said it has been decided to permit families celebrating weddings to draw up to Rs 2.5 lakh in cash from their own bank accounts while encouraging families to incur wedding expenses through cheques or digital means.

Bank branches are witnessing orderly queues following restrictions imposed by the government, but hardships to get cash at ATMs still continues since most of them are still out of cash.

With PTI Inputs