Shillong, November 19: The Lok Sabha member from Tura parliamentary seat of Meghalaya, Conrad K. Sangma who is also a National People Party, today said the demonetization of Rs.500 and Rs.1000 notes announced by Prime Minister Narendra Modi will have a temporary economic impact in the country.
Addressing the media after the election of Dr. R.W. Kharlukhi as the President of Meghalaya Unit of NPP in Shillong, Mr Sangma said economic impact of demonetization will be for a very short period and the people will largely benefit from it in the long term.
Sangma said the intention of the Government to demonetize old 500 and 1000 notes is to check black money, drug money, terrorist funding and unaccounted money. While acknowledging the hardship faced by the people across the country due to this massive exercise.
The NPP national president, said due to deposit across the country, the revenue of the Government will increase many folds, which in turn will bring development, when the Government will be utilize it for various developmental schemes.
