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Narayana Murthy, says Demoneisation will reduce black money and reduce funding for terrorists

Bangalore, Narayana Murthy: There was a time when even mobile phones was seen as a big thing, having a mobile phone was seen as a symbol of showing money and it was a great thing. Very few could afford mobile phones, but now it can be seen almost in all the villages and towns mobile phones widely used.

Similar the case of digital money, if used across all of India this can be a big economy changer and helper in reducing corruption.

The founder of Infosys, NR Narayana Murthy who normally avoid political discussion, came in support of demonetization.  His first reaction to the demonetisation move, he said that the step has the potential to reduce black money.

Narayana Murthy gave the statement during the interview with CNN News 18. Murthy said that the currency ban has several important objectives and the first is to reduce funding for terrorists which no Indian can argue about.

On November 10 he said, "This has the potential to reduce black money. It creates a little bit of confusion in the minds of those who deal in black money and corruption."

These moves will encourage to the digital economy. Murthy said that people in the urban India will bring out their balance sheets, income statements, revenue and expenditure statement.

"Lots of people in urban India will start thinking about moving to a digital economy," he said adding that it will be a minor push. He added, "it provides a great opportunity for political parties to introduce reforms in areas of electoral funding and to demonstrate their commitment to clean politics."

Murthy, said that the execution of the demonetisation scheme was not up to the mark as the Prime Minister might have expected. He said that the next step in the fight against corruption and black money was to tighten the noose around tax avoidance and provide enough deterrent so that people do not avoid tax payment.