“Demonetisation has no detrimental effect on economy,” opined B.V. Rudramurthy, Chartered Accountant and   Investment Guru.

He was delivering a lecture on  ‘Demonetisation – Impact on Indian Economy’ at a programme organised at Bhavan’s Priyamavada Birla Institute of Management (BPBIM) premises in Vijayanagar 1st State  here yesterday.

Rudramurthy pointed out that demonetisation of Rs. 500 and Rs. 1,000 notes initiated by Prime Minster Narendra Modi was primarily intended to stop fake currency, control corruption and  unearth black money.

He asserted that it had no bad effect in economical, social and political sectors which has been proved by the poll results in UP where BJP is leading. However, the initial inconvenience experienced by the common people was temporary and it had come to normal now.

He further said that during demonetisation, the higher denomination currency in circulation was very high at about 86% unlike on earlier occasions when it was very low which could have triggered initial hiccups. He added that the new Rs. 500 and Rs.2,000 notes have very good security features which cannot be faked easily.

Ramanuja, Chairman, BVB, Bengaluru and BPBIM, Mysuru, presided. Dr. Satyanarayan, Professor, MPBIM, Bangaluru, Dr. A.V. Narasimha Murthy, Chairman, BVB-Mysuru and Resident Director, BPBIM-Mysuru and Dr. A.T. Bhashyam and Hon. Treasurer, BVB-Mysuru and Director, BPBIM-Mysuru were present.