Abolish Rs.500, Rs.1000 notes to curb black money: Chandrababu Naidu

Amaravati (Andhra Pradesh), Oct 12 (IANS) Andhra Pradesh Chief Minister N. Chandrababu Naidu on Wednesday sought immediately abolishing big currency notes and called for making baking transactions compulsory in course of time to curb black money.

Stressing the need for ban on cash transactions, he reiterated his demand for immediately abolishing currency notes of Rs 500 and Rs 1,000 denominations.

Addressing a news conference in his new office at Velagapudi here, he also voiced concern that politics has become a “shelter” for corrupt.

Naidu, who had been demanding a ban on big currency notes, said he would be writing a letter to Prime Minister Narendra Modi on Wednesday itself in this regard.

He said abolishing the big currency notes was necessary to check those who are buying votes and misusing the people’s mandate.

“Politics has become shelter for corrupt people and black money earners,” said Naidu, also the Telugu Desam Party (TDP) chief.

Terming black money as the root cause for all the evils, Naidu said this could be curbed by abolishing cash and currency transactions and making all transactions through banks compulsory.

When all payments can be made through a smart phone, there was no need for cash transactions, he said.

“In course of time we have to go for total bank transactions. We have to regulate and create culture. Then only we can control all evils and then only everybody will earn money through genuine way,” he said.

Stating that some people were becoming rich overnight, he said when questioned, they were launching a “counter attack”.

Naidu said such people get votes by distributing Rs 500 and Rs 1,000 notes among voters. “This is leading to competition among MLAs, who also want to make money to win elections. This is a vicious circle and the only way to break it is to go for total bank transactions,” he added.

He also did not favour Income Declaration Scheme for black money earners, saying this only help them to turn black money into white. “They have to give only 40-45 percent money. Their remaining money becomes white. It’s good for them. They will happily pay this. There is not even social stigma,” he said.

Union Finance Minister Arun Jaitely had said early this month that after the first quarter of the Income Declaration Scheme ended on Sep 30, as many as 64,275 declarants have collectively disclosed Rs 65,250 crore.

“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?” Naidu said.

Appreciating Prime Minister Narendra Modi for stating that there are still people and problems like Ravana, Naidu said black money was a major cause for these problems.

He pointed out that after earning the money by hook or crook, some people resort to drinking liquor, going to clubs and indulging in other immoral activities.

Claiming that India is positioned to become super power, Naidu said it is the only country in the world with great values and described the family system as country’s greatest asset.

In an obvious reference to US Pesidential candidate Donald Trump’s lewd comments about women, the TDP leader said it speaks of hollowness. “It’s evident from this that there is no leadership in a developed country like US,” he remarked.

He also referred to polygamy in the US. “If you see, Trump has fourth wife. These are not values. This is temporary enjoyment but we have values. India is the only country with family bond and it is the main reason for our happiness,” he said.



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