N Chandrababu Naidu demands to abolish Rs 500, Rs 1000 notes to wipe out black money

Amaravati, PTI | Updated : 12 October 2016, 04:51 PM
N Chandrababu Naidu (Getty Images)
N Chandrababu Naidu (Getty Images)

Noting that politics has become a"shelter" for corrupt people, Andhra Pradesh Chief Minister N Chandrababu Naidu Wednesday reiterated his demand for immediately abolishing currency notes of Rs 1000 and Rs 500 denominationsto curb black money in the country. "Politics has become a shelter for corrupt people and black money earners.

Some people who are in politics aremisusing the people's mandate. I'm writing a letter to thePrime Minister today asking that Rs 1000 and Rs 500 notes beabolished and total bank transactions be encouraged," he saidat a press conference in his new office at Velagapudi.

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

"A smartphone is enough to deal with everything. Be itshopping, travelling, money transaction or even if you have tospend money abroad, a smartphone is enough," he said. Referring to the Centre's recent income disclosurescheme, the Chief Minister said an effort was made (to unearthblack money).

"Out of the Rs 65,000 crore disclosed across the country,Rs 13,000 crore was declared in Hyderabad and, out of it, Rs10,000 crore by a single individual. Who is that, we can'tknow as per law. Is it possible for a businessman to declaresuch huge money," he said. "In the future, in 2-3 or 5 years, they will againregularise black money, depending on their need. You just pay40-45 per cent penalty and the rest becomes white. Isn't thatbetter ?

Nobody can question. Now, there will no social stigmaas well," Chandrababu said. "If compulsory bank transactions were introduced, itwould eliminate the need for money. The lust for money willalso be gone and then everybody will earn money in a genuineway," he added.

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

"We are the biggest market in the world. After theChinese economy diminished, the world is looking towardsIndia. We are very strong in technology, we have thedemographic dividend and also leadership. India is in aposition to become a superpower," Chandrababu said.