"Notes ban wasn't a jhatka, had warned people a year earlier: PM Modi

New Delhi, Jan1: Amid growing criticism over note ban, Prime Minister Narendra Modi said that the demonetisation decision was not a "jhatka".

"This wasn't a jhatka. We had warned people a year before, that if you have such wealth (black money), you can deposit it, pay penalties and you will be helped out. However, they thought Modi too would behave like others so very few came forward voluntarily," he said.

"We had warned people a year before, that if you have such wealth (black money), you can deposit it, pay penalties and you will be helped out. However, they thought Modi too would behave like others so very few came forward voluntarily," PM Modi said.

In a surprise announcement on November 8, 2016, the Prime Minister banned Rs. 500 and Rs. 1,000 notes overnight, leaving 80 per cent of the cash in circulation worthless. The move was aimed at curbing black money and bringing back money into the banking system.