New Delhi: Chief Minister of Andhra Pradesh, N Chandrababu Naidu, has requested Prime Minister Narendra Modi to abolish higher denomination currency notes, such as Rs 500 for eradicating corruption. The Andhra CM opined that such a move would help promote transparency in financial transactions, simultaneously, helping in curbing corruption.
Addressing the party workers at their inaugural event of Mahanadu at Kadapa district, the party’s annual three-day mega convention, Naidu said that he had suggested to the prime minister to introduce digital currency and curb the flow of cash in the economy.
Using the occasion for pushing his agenda of a cashless economy, he stressed that the world is moving towards digital currency and the country must move in that direction too.
Naidu was part of the NITI Aayog Committee of Chief Ministers formed by the center with the task of coming up with an action plan for a quick transition to a cashless economy.
Acknowledging how everyone nowadays has become tech-savvy, the TDP supremo said all donations to the party can now be made directly, digitally, through phone-based bank transfers.
In a attempt to ‘tackle’ corruption, blackmoney, and terrorism, Prime Minister Narendra Modi on November 8, 2016 announced demonetisation, declaring that Rs 500 and Rs 1,000 notes would cease to be legal tender.
“To break the grip of corruption and black money, we have decided that the five hundred rupee and thousand rupee currency notes presently in use will no longer be legal tender from midnight tonight, that is 8th November 2016. This means that these notes will not be acceptable for transactions from midnight onwards. The five hundred and thousand rupee notes hoarded by anti-national and anti-social elements will become just worthless pieces of paper. The rights and the interests of honest, hard-working people will be fully protected. Let me assure you that notes of one hundred, fifty, twenty, ten, five, two, and one rupee and all coins will remain legal tender and will not be affected,” PM Modi had said in a televised address to the nation.
He advocates for a complete shift towards a digital currency system, citing the global trend and the substantial costs associated with printing and managing physical currency. Naidu highlighted the TDP’s long-standing fight against corruption and emphasized the ease of tracking illegal transactions with a cashless system. He even mentioned the party now accepts digital donations. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
