Read how well known and very honorary people reacted on demonetisation

Read how bankers and industrialists reacted on demonetisation.

 I have written this article combining the views of world leaders, celebrities, bankers, industrialists. I believe few of them won't be labeled as "Bhakta".

President Pranab Mukherjee stood in support of demonetisation

President Mukherjee welcomed the bold step taken by the government which will help unearth unaccounted money as well as counterfeit currency, a Rashtrapati Bhavan statement said.

What Supreme Court had to say “the common man should not be made to suffer” in the course of demonetising Rs 500 and Rs 1,000 notes, the Supreme Court Tuesday told the Centre that the objective to tackle black money and fake currency may be laudable but everyone with old currency cannot be treated as hoarders of black money.

Bill Gates was in India and he said “The Prime Minister’s bold move to demonetise high-denomination notes and replace these with new ones with high-security features is an important step to deflate India’s shadow economy,” said Gates in his talk.

D Subbarao  has been 22nd governor of Reserve Bank Of India from 2008 to 2013(as extension was given)  He said "Given the scenario, my own view is that it is going to be good"

Hailing the Indian government's decision to ban Rs 500 and Rs 1,000 notes, former RBI Governor Duvvuri Subbarao has said it would be a positive move for investment and will result in disinflation.

Chanda Kochhar, MD & CEO, ICICI Bank said: ” I welcome the announcement made by the PM to derecognise Rs 1000 & Rs 500 notes. It is perhaps the most significant move ever taken to curtail the parallel economy. This move will give a sharp boost to all formal channels of payment which in turn will help the formal economy to grow. ”

Arundhati Bhattacharya, Chairman of State Bank of India (SBI) said demonetisation of high value notes won’t be a problem as the bank has done it before.
“We have just now been advised of the government move to demonetise current series of Rs 1,000 and Rs 500. We have handled demonetisation earlier and will do so again,” Bhattacharya stated. 

She also talked on recalibration of ATMs which is currently the issue that most of the ATMs are out of cash that needs to be addressed.

Deepak Parekh, Chairman, HDFC "It is a big reform which no one expected and will have a huge impact on people who are hoarding money and not disclosing money for tax purposes." He said the realty sector, which depends a lot on cash transactions, may be impacted and construction activity can also slow down, but underlined that it is a pain worth taking in the short term for long term gains.

V Balakrishnan, former CFO of Infosys: "It is a good initiative to reduce black money. But we need to see implementation has to be seen because the transition can be painful. However, the first thing they should do to remove all the black money is to have political parties receive donations only in cheque. Today, 75-80% of political donations happens by cash. That is the starting point for black money. I think if they had done that too. It would have brought a lot of credibility to the whole process."

 

Anand Mahindra, Mahindra Group vice-chairman, tweeted: "success required an element of surprise and its incredible that this master stroke was kept confidential." In a lighter vein, he added: "Urgent message to anyone who robbed a bank tonight: You just got robbed..."

Dinesh Khara, managing director for associates and subsidiaries at the State Bank of India (SBI), the country's largest financial institution said, "It is short-term pain but long-term benefit". Aplauding the move dubbed "demonetisation", Khara said, "As a community of banks, we are all geared up to meet out and mitigate the current hardship."

Bharat Padmanabhan, Managing Director and head of ASEAN and South Asia at the Standard Chartered Bank said "Definitely, it sounds positive to me. For the medium to long-term, looks like there is a possibility of a lot of things becoming positive."

Julian Van Kan, a Managing Director at BNP Paribas, added "I actually very much support what is going on," about the government's decision on the currency.

Mukesh Aghi, President of the US India Business Council (USIBC)The decision to demonetise Rs 500 and Rs 1000 currency notes is a very “bold and gutsy” action by Prime Minister Narendra Modi, a top US industry body has said. “We applaud this decision by the Prime Minister. I think this is a very gutsy, and a very bold move,” He further added “It is risky politically, but economically on a long-term basis given the wide spectrum of the Indian economy it is the right thing to do. And that is what he has done,”

 Keki Mistry, MRHDFC vice-chairman: The decision is "a bold" one which can go a long way in containing black money, though effective implementation in the short term may be a challenge. If handled properly, it can unearth huge volumes of black money which can help bridge the fiscal gap as the Government's revenue collections can go up.

Anil Agarwal, Vedanta group chief: Hailing the development as a "great move", he said it would make corruption minimal. "There cannot be a better move and India will see its results. The rupee will become strong and I have a strong feeling there will be investment in growth in the right direction."

Naushad Forbes, CII president: Demonetising high denomination notes can be an effective means of checking accumulation of wealth in cash. "The government has taken a measure aimed at the heart of the black cash economy. CII congratulates the Prime Minister and the government for this step. Not only is the measure important but it requires extensive preparation for effective execution."

D K Pant, India Ratings chief economist: This measure, coming after the Income Disclosure Scheme -- which closed on September 30 -- is targeted at curbing black money.
"There may be some inconvenience to general consumers in short-run, however, this inconvenience is worth for long-term gain."

Vallabh Bhansali, veteran investment banker: This is the "third freedom struggle" after the Independence movement and the liberalisation of 1991, and a voluntary disclosure scheme in disguise. He also described it as a "revolutionary" step.

Gagan Banga, Indiabulls Housing Finance vice-chairman: "It's very good for housing finance companies as the element of cash will go down and demand for formal credit will increase."

Naveen Surya, Payments Council of India chairman: He described the move as extremely bold and much needed step "to cure us from disease of cash in our society".

C J George, Managing director of Geojit BNP Paribas, "This is the creation of Swachh Bharat in one stroke of a pen."

MP Ahammed, chairman of Malabar Gold, "It is a bold and decisive step towards a cashless economy." 

“Demonetisation is amongst the three most important economic reforms in India’s history, along with delicensing and GST,” Tata said in a tweet. The Prime Minister’s recent focus on mobile and digital payments will also greatly facilitate the transition from a cash-driven economy to a cashless economy, which in the ling term will enormously benefit the poor and underprivileged, he added.

Spiritual Guru Sri Sri Ravishankar hailed Prime Minister Naredra Modi’s decision to impose demonetisation of existing Rs 500 and Rs 1000 notes. Sri sri said that people are ready to bear inconvenience for bigger cause. “I am very happy about the Demonetisation steps PM has taken, first he made people open accounts,”  “There is inconvenience, there could be some improvements in process but people are ready to bear it for the bigger cause,” he added.

While his visit to Jammu. He also visited  BSF school.

Nana Patekar "Demonetisation is a good step. Due to demonetisation, terrorism will get a hit," Mr Patekar told reporters.  "As common people, we should tolerate the inconvenience for 10, 15 and 25 days, and it is a very minor difficulty caused for us (on account of demonetization), which is minor in terms of that of the nation (is going through due to parallel economy of black money and fake currency)", he added.

  

Shah Rukh Khan praised PM Modi for his sudden move against corruption and black money. He took to his social media and hailed the action by calling it, ‘a great move’

  

Anupam Kher “The intention of demonetisation is to end black money. This is the intention. In its implementation you can say that there are few loopholes I agree that there should not have been any problem to people." Obviously he was not happy with implementation. “They (the government) should have planned it a little better. But how can a revolution come in this country overnight. Of course, it will be uncomfortable,” Kher said while addressing a session at Sahitya AajTak event here. Blasting those opposing the demonetisation, the actor said

Ajay Devgan  tweeted “100 sonaar ki, 1 lohaar ki. Masterstroke.”

Celebrities including Amitabh Bachchan, Rajnikanth, Vir Das, Anurag Kashyap, Karan Johar have supported the Modi government on demonetisation of Rs 1000, Rs 500 notes.

No one can run away from the fact that there is a cash crunch in the market. ATMs are running out of cash. I-T dept. don't have enough man-power. Hawala Bazaar is still active Surely GDP growth will decline upto 1.5-2% but this impact will be for 2-3 quarters. That is not permanent damage. All points are to raised towards government. I believe we should give government and Reserve Bank Of India a try and help them to accomplish what they have promised. There are still loopholes in the system and If we find counterfeiting, Let us help govt. and Income-Tax dept. to reach to those people. Criticize what is wrong and most importantly give your suggestions. I haven't seen single incident of school being put on fire in Kashmir, not a single incident of terrorist attack (the only operation in Anantnag yesterday). more than 500 maoists surrendered because of demonetisation. No cross border firing. What are this indications?