Will fight graft at risk to life

After demonetising high value notes to curb black money, Prime Minister Narendra Modi yesterday said he has "more projects" in mind to rid the country of corruption and was ready to face the consequences as forces are "up against me" with their 70 years of loot being in trouble.

"This is not an end. I have more projects in mind to make India corruption-free. .... Cooperate with me and help me for 50 days and I will give you the India you desired," Modi said after laying the foundation stone of Mopa greenfield airport and launching work on electronic city project in Goa.

"We will take action against 'benami' property; This is major step to eradicate corruption and black money ... If any money that was looted in India and has left Indian shores, it is our duty to find out about it," he said.

Modi surprised the country Tuesday night when he announced that 500 ($7.50) and 1,000 rupee notes would no longer be legal tender, in a design to tackle widespread corruption and tax evasion.

Customers can exchange their old bills for new ones or deposit them in their accounts until December 30.

But even after five days of the announcement, desperate people continued to line up Sunday for hours outside banks and ATMs, with many running out of cash by the afternoon and prompting anger against the government's latest anti-corruption measure.

"People are going through great pains. I feel that pain. This scheme is not born from arrogance. I have seen such adversities up close. I understand the trouble everyone is facing," Modi said at the event.

"I know that (some) forces are up against me, they may not let me live, they may ruin me because their loot of 70 years is in trouble, but I am prepared," Modi said in a speech which saw him getting emotional a few times.

Referring to the criticism of the demonetisation move by opposition parties, he said "they thought if they pull my hair, I will do nothing. But even if you burn me alive, I am not afraid."

Revealing the efforts behind the demonetisation move, the Prime Minister said it was "a secret operation I started 10 months back and had formed a small team.

"It was of course not the one like (Defence Minister Manohar) Parrikar had launched (surgical strike in PoK). We had to print new currency notes and take other steps."

Appealing to the people to bear with him for 50 days (till December 30), he said "if you find anything wrong with my intentions or my actions, hang me in public. I promise you I will give you the India which you desired."

Since coming to power in 2014, Modi has pledged to crack down on so-called black money -- vast piles of wealth kept hidden from the tax authorities -- with new measures including 10-year jail terms for evaders.

Analysts have broadly welcomed the latest initiative, saying consumer spending would likely dip in the short term as the new notes made their way into circulation but that the move would boost GDP in the long term.