CBN demands to abolish Rs 1000, Rs 500 notes to wipe out black money

13 October 2016

Andhra Pradesh Chief Minister Chandrababu Naidu on Wednesday addressed a press conference from his new office in Velagapudi. He said to abolish currency notes of Rs 1000 and Rs 500 to curb black money in the country. He mentioned that politics has become a shelter for all the corrupt people and black money earners. He said he is writing a letter to Prime Minister Narendra Modi regarding the same. He said that only bank transactions should be encouraged for all purposes.


The Chief Minister said once these currency notes are abolished, it would also put an end to "buying of votes"."In course of time, we have to go for total bank accounts. We have to bring in that culture. One, you have to regulate and two, you have to bring in that culture. Then it will curb the evils," Chandrababu said.


"A smartphone is enough to deal with everything. Be it shopping, travelling, money transaction or even if you have to spend money abroad, a smartphone is enough," he said.


Referring to the Centre's recent income disclosure scheme, the Chief Minister said an effort was made (to unearth black money).


"Out of the Rs 65,000 crore disclosed across the country, Rs 13,000 crore was declared in Hyderabad and, out of it, Rs 10,000 crore by a single individual. Who is that, we can't know as per law. Is it possible for a businessman to declare such huge money," he said. "In the future, in 2-3 or 5 years, they will again regularise black money, depending on their need. You just pay 40-45 per cent penalty and the rest becomes white. Isn't that better ? Nobody can question. Now, there will no social stigma as well," Chandrababu said.


"If compulsory bank transactions were introduced, it would eliminate the need for money. The lust for money will also be gone and then everybody will earn money in a genuine way," he added.


Stating that India was the only country that could achieve double digit (economic) growth in the future, the Chief Minister stressed on the need for totally eradicating black money.


"We are the biggest market in the world. After the Chinese economy diminished, the world is looking towards India. We are very strong in technology, we have the demographic dividend and also leadership. India is in a position to become a superpower," Chandrababu said.


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