Putting an end to his two-weeks of stoic silence over the Prime Minister Narendra Modi’s demonetization announcement, Leader of Opposition in Andhra Pradesh Assembly YS Jagan Mohan Reddy today came out in support of Modi’s move. However, he deplored that the good intentions has backfired due to lack of preparedness and faulty implementation mechanism. He demanded that decision should be postponed till corrective measures are taken as the people are facing severe hardship in wake of the pull-out of higher denomination notes in our characteristic cash economy.

Addressing media persons in Rajahmundry today, he find fault with Chief Minister Chandrababu Naidu, who claimed that it was he who had advised the Prime Minister Narendra Modi on the drastic move by writing a letter in early October itself. Then, he wondered how now Naidu changed tune and has been speaking of restlessness.

The YSRCP chief accused that it was very evident that Naidu had prior knowledge of the move and had dusted thing clear in his house besides selling away the shares of his family-owned Heritage Foods in bulk, days before the announcement of demonetisation.

He asserted that they are all in support of the decision to weed out unaccounted money. However, even if all the Government printing press and mints work in full steam, Jagan said that it takes nearly three months to replace the existing higher denomination notes as 86 % of the transactions are carried out by these notes. He cautioned the prime minister the veiled threat that all money deposited above Rs 2.5 lakh will come under IT radar too is sending wrong signals as the very nature of our economy is cash based.