New Delhi, January 5: Speaking for the first time over the demonetisation move by the government, President Pranab Mukherjee on Thursday warned that notes ban drive may lead to the temporary slowdown of the economy.
"Demonetisation, while immobilising black money and fighting corruption, may lead to the temporary slowdown of the economy,” said President Pranab Mukherjee in an address on video to Governors and Lt Governors.
"We all will have to be extra careful to alleviate the suffering of the poor which might become unavoidable for the expected progress in the long run," he added.
The 50-day deadline set by the Modi government for depositing of old notes of Rs 500 and Rs 1,000 ended on December 30. However, the Reserve Bank of India (RBI) so far has not declared the amount of money that has made its way back to the coffers.
When PM Modi had announced the demonetisation move on November 8, President Mukherjee had welcomed it an official statement from his office said, "President Mukherjee welcomed the bold step of the Government of India which will help unearth unaccounted money & counterfeit currency.