Withdraw Rs. 1000 & Rs. 500 Notes - Chandrababu Naidu

October 13, 2016 09:26
Withdraw Rs. 1000 & Rs. 500 Notes - Chandrababu Naidu

Andhra Pradesh Chief Minister N. Chandrababu Naidu talking on black money has written a letter to Prime Minister Narendra Modi. In the letter, the Chief Minister urged Narendra Modi to withdraw all Rs.1,000 and Rs.500 notes. This will directly reduce black money in the country. He also wanted the Prime Minister to put some pressure on Swiss banks to disclose all the names of people who store their black money.

Mr. Naidu  occupied his chambers at the Interim Secretariat Complex at Velagapudi in Guntur district near Vijayawada on Wednesday.

Later addressing a press conference, the Chief Minister said "black money was almost running as a parallel economy. It was spoiling all spheres of life, including politics. The politicians were worried about increasing election expenditure and their opponents’ ability to spend more. It was leading to an unhealthy race to earn money by any means. So, it was necessary to move towards cashless transactions in the country. Unless every transaction was done through banks, was tracked, and accounted for, black money could not be rooted out.:

Mr. Naidu said "technology could also be used in progressing towards cashless transactions. A smartphone was enough to deal with everything. Be it shopping, traveling, or payments or even if you have to spend money abroad, a smartphone was enough. There was a need to bring in the culture of electronic payments for a transparent economy and curbing black money."

Referring to the Centre’s recent voluntary income disclosure scheme, the Chief Minister said, “I appreciate the Prime Minister’s efforts to achieve corrupt-free and efficient governance in the country. He is also garnering support from other countries in his endeavors to build the nation. We welcome voluntary disclosure of income scheme. But, at the same time, the Centre should focus on external factors also. The Centre had to mount pressure on the world and Swiss banks in regard to black money. There was a need to look into money stashed in those banks. Otherwise, that money was likely to flow back into the country as Foreign Institutional Investments (FIIs), which was not a good sign."

Mr. Naidu said that his "first signature operating from the new premises was on a file relating to DWCRA groups, while the letter to Mr. Modi was the second one. Out of the Rs, 65,000 crore disclosed across the country under the scheme, Rs.13,000 crore was declared in Hyderabad alone. And, of the disclosures made in Hyderabad, Rs.10,000 crore was made by a single individual.

The Chief Minister, however, evaded a direct reply when asked who was that person. “You tell me,” he quipped. “Who is that we can’t know as per law. Is it possible for a businessman to declare such huge money?” he asked.

Finance Minister Yanamala Ramakrishnudu and Chief Secretary S.P. Tucker were also present.

ALSO READ: Bold outrage on black money in India


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