Raisina Hill has a word of caution over Modi government's note ban. President Pranab Mukherjee said the move may temporarily slowdown the economy and affect poor.

"Demonetisation, while immobilizing black money and fighting corruption, may lead to temporary slowdown of the economy," Mukherjee said in his New Year's message to Governors and Lt Governors.

"We all will have to be extra careful to alleviate the suffering of the poor which might become unavoidable for the expected progress in the long term," he added.

The president, however, had as some words of praise too. "While I appreciate the thrust on transition from entitlement approach to an entrepreneurial one for poverty alleviation, I am not too sure that the poor can wait that long. They need to get succour here and now, so that they can also participate actively in the national march towards a future devoid of hunger, unemployment and exploitation. The recent package announced by the Prime Minister will provide some relief," the President said.

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