CBN : Demonitization will have long term gains

27 November 2016

Andhra Pradesh Chief Minister, Nara Chandrababu Naidu said that Demonetization problems are temporary but there will be lot of gains in the long run. Chandrababu said that his government is working on several innovative ways to solve the demonetization problems of the people and has adopted cashless transactions in the state. He said AP will be a role model in the country for cashless transactions.  He said that government is starting a mobile application, “AP Purse” . He said four committees have been setup to see cashless transaction and has arranged 19000 e-POS machines. Chandrababu Naidu also mentioned that government is looking at the idea of distributing free mobile phones to economically backward class people to undertake and encourage cashless transactions. Chandrababu said the state government had received an additional Rs 2,000 crore, of which Rs 400 crore is in the denominations of Rs 100. He hoped that this would bring some relief to the people.


Naidu said he had requested the Centre and RBI to send Rs 5,000 crore to the state. He suggested that out of this, at least Rs 1,000 crore should contain smaller denominations like Rs 10, Rs 20, Rs 50 and Rs 100.

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