New Delhi: With the completion of 10 years of demonetization in the country, the discussion has started once again regarding big notes. Andhra Pradesh Chief Minister and Telugu Desam Party (TDP) chief N. Chandrababu Naidu has suggested to phase out Rs 500 and Rs 2,000 notes from circulation. He believes that banning large value cash transactions will help in controlling corruption. Additionally, this can also pave the way towards wealth creation and poverty alleviation.
Naidu talked about promoting small value notes in circulation. According to him, the use of Rs 100 and Rs 200 notes should be increased. Along with this, there is a need to encourage digital currency, so that the incidents of fraud in cash related transactions can be reduced.
Big notes cause problems during elections
Sharing his experience, the Chief Minister said that during the elections, while working continuously for 24 hours, he had to face many problems due to high denomination notes. On the basis of this experience, he has advocated the abolition of big currency notes and strengthening the digital payment system.
He told that he has already given his suggestions for a report regarding digital currency. Have raised this issue with Prime Minister Narendra Modi several times. Naidu says that effective use of technology can solve many old problems of economic and administrative system. He argued that if technology is applied properly, it would not be difficult to create wealth and eradicate poverty.
Discussion on big notes again after 10 years of demonetization
It is noteworthy that while announcing demonetization on November 8, 2016, the Central Government had taken out the old notes of Rs 500 and Rs 1,000 from circulation. At that time the government had stated that the main objective of this decision was to stop black money, fake notes and corruption. Now, a decade after demonetisation, Naidu has suggested demonetisation of Rs 500 and Rs 2,000 notes.
The TDP chief clarified that he would continue to take up his proposal to demonetize high denomination notes. According to him, proper use of digital technology can bring comprehensive changes in the economic system of the country.
Public service should get priority instead of money power in elections
Naidu also stressed the need for change in the electoral system. He said that the basis of contesting elections should not be money power, but public service. According to him, NDA has started a new culture in politics by trying to stop the tradition of distributing cash during elections.
He said that by reducing election expenses, the accountability of elected representatives towards the public can increase. Naidu advocated making politics a medium of service instead of making it a means of earning money.
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