Abolish Rs 500, Rs 1000 notes to wipe out black money: Chandrababu Naidu

The Chief Minister said once these currency notes are abolished, it would also put an end to "buying of votes".

By: PTI | Amaravati | Updated: October 12, 2016 3:44 pm
Chandrababu Naidu, Naidu, Andhra, Andhra PRadesh CM, Andhra Pradesh CM Chandrababu Naidu, N Chandrababu Naidu, Black money, corruption, RS 500, Rs 1000, RS 500 note, central government, India news, indian express news Referring to the Centre’s recent income disclosure scheme, the Chief Minister said an effort was made (to unearth black money). (Source: PTI photo/File)

Noting that politics has become a “shelter” for corrupt people, Andhra Pradesh Chief Minister N Chandrababu Naidu today reiterated his demand for immediately abolishing currency notes of Rs 1000 and Rs 500 denominations to curb black money in the country. “Politics has become a shelter for corrupt people and black money earners. Some people who are in politics are misusing the people’s mandate. I’m writing a letter to the Prime Minister today asking that Rs 1000 and Rs 500 notes be abolished and total bank transactions be encouraged,” he said at a press conference in his new office at Velagapudi.

The Chief Minister said once these currency notes are abolished, it would also put an end to “buying of votes”.

“In course of time, we have to go for total bank accounts. We have to bring in that culture. One, you have to regulate and two, you have to bring in that culture. Then it will curb the evils,” Chandrababu said.

“A smartphone is enough to deal with everything. Be it shopping, travelling, money transaction or even if you have to spend money abroad, a smartphone is enough,” he said.

Referring to the Centre’s recent income disclosure scheme, the Chief Minister said an effort was made (to unearth black money).

“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,” he said.

“In the future, in 2-3 or 5 years, they will again regularise black money, depending on their need. You just pay 40-45 per cent penalty and the rest becomes white. Isn’t that better ? Nobody can question. Now, there will no social stigma as well,” Chandrababu said.

“If compulsory bank transactions were introduced, it would eliminate the need for money. The lust for money will also be gone and then everybody will earn money in a genuine way,” he added.

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

“We are the biggest market in the world. After the Chinese economy diminished, the world is looking towards India. We are very strong in technology, we have the demographic dividend and also leadership. India is in a position to become a superpower,” Chandrababu said.

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  1. R
    Ram
    Oct 12, 2016 at 12:54 pm
    Dear CBNlt;br/gt;Did U forget cash for vote scam , you are the key accused ! Though what u said is correct but first clean your home, last week IT raid on TDP mla house revealed bundles of cash.
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    1. J
      Jitendar
      Oct 12, 2016 at 12:14 pm
      It's not Naidu who got this idea, Naidu is always copy paste ideas of others and promote as his own.
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      1. N
        Neil
        Oct 12, 2016 at 10:34 am
        He is absolutely right.
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        1. R
          RJMajithia
          Oct 12, 2016 at 12:12 pm
          Why not allow the system to continue? With our quarterly elections cycle,monies get distributed to all make in India centres like hotels, restaurants, poster boys, drivers. Second hand car owners and small time actors and poets and jesters. Why grudge? RJMajithia
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          1. S
            Surya
            Oct 13, 2016 at 5:53 am
            It is CBN who shouted with loud mouth to introduce bill of separate state in embly but he did not mean it. It is CBN who is shouting about black money :).It is CBN who shouted not to take agriculture land for development in embly but he did not mean it.
            Reply
            1. S
              Surya
              Oct 12, 2016 at 2:21 pm
              Tell me one MP from TDP who has less than 1000 crores?lt;br/gt;CBN speaking about corruption is like thief shouting thief thief :)
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                Nagesh
                Oct 12, 2016 at 2:18 pm
                The statements given by him always contradicts his actions .First let him clarify on vote for scam case
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                  Ajay Narayan
                  Oct 12, 2016 at 6:29 pm
                  Lol this is dialog from 'pichaikaran' from tamil movie. Lol i guess he saw the movie :P
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                  1. A
                    Akhil Rana
                    Nov 8, 2016 at 5:11 pm
                    Well well..what foresight!!
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                      Anumakonda Jagadeesh
                      Oct 13, 2016 at 9:34 am
                      This is not new.lt;br/gt;This is not the first time this has happened in India, at least technically. Earlier, Rs 1,000 and Rs 10,000 banknotes, which were in circulation, were demonetized in January 1946, primarily to curb unaccounted money.lt;br/gt;lt;br/gt;lt;br/gt;The higher denomination banknotes in Rs 1,000, Rs 5,000 and Rs 10,000 were reintroduced in the year 1954, and these banknotes (Rs 1,000, Rs 5,000 and Rs 10,000) were again demonetized in January 1978. So that makes it the last time demonetisation was done in India. Almost 38 years ago.lt;br/gt;Dr.A.Jagadeesh Nellore(AP)
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                        Mohammad Bin Tughlaq
                        Oct 12, 2016 at 3:08 pm
                        That is a good move. Encourage people to use credit cards.
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                          Prabhakar Somayaji
                          Oct 12, 2016 at 10:48 am
                          this is a practical suggestion and earlier the action ,better for democracy. government replace these old paper notes with plastic notes by exchanging them in banks and recording the beneficiaries antecedents with pan, aadhar and bank account no etc . this will unearth 90% of the illegal black money. fm and others must immediately considers this suggestion as the present government has the majority and pm will certainly will respond positively to this.
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                            ARUN DASS
                            Oct 12, 2016 at 10:57 am
                            Really its a very parctical suggestion
                            Reply
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                              Chandrashekhar Deshpande
                              Oct 12, 2016 at 11:08 am
                              As suggested Rs.100/- and Rs.1000/- will suffice for the casue.
                              Reply
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                                Jeripothula Yadagirirao
                                Oct 14, 2016 at 4:20 am
                                It is he the biggest loser by suggesting the ban of 500 and 1000 rs. notes but at the same time it hardly makes any difference as he has amed enough for his successive generations.
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                                  Jeripothula Yadagirirao
                                  Oct 12, 2016 at 4:16 pm
                                  It is he the biggest loser but any way he has amased so much which is unimaginable according to sources.
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                                    Himanshu Kulkarni
                                    Oct 12, 2016 at 2:49 pm
                                    I agree 100% to this demand ... If CM Naidu raise this demand and follow up on this, I am willing to vote him (if I move to AP or his party contest in Mah) for rest of my life without a second thought !!!! lt;br/gt;lt;br/gt;This is the Genuine and 1 of the 2 THE MOST CRITICAL steps and only other being abolishing P Note in market .....lt;br/gt;lt;br/gt;After this, it is all up to BJP to really show their seriousness on reducing black money --- to day they have done nothing for that ....
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                                      Shiv
                                      Oct 12, 2016 at 11:24 am
                                      Yes and a triple YES. The best would be to restore the National symbol of Ashoka Lion on the notes to distinguish the New from the old. But it requires Mints to work overtime a BIG headache for banks
                                      Reply
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                                        Ashok Mazumdar
                                        Oct 12, 2016 at 12:43 pm
                                        Ram Dev's Original Son.lt;br/gt;lt;br/gt;Moron.lt;br/gt;New propaa of BJP!!!!!!@
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                                          R.Mehta
                                          Oct 13, 2016 at 5:42 am
                                          The CM may be correct in his views to curb the black money ,but should also consider that because of large % of potion of India in poverty and living in rural areas ,how many of them can own and use smart phones to do their transactions or make transactions through debit /credit card ,if they dont have bank accounts or do not have their small incomes coming through cheques and then how wil they transact ,in case the paper currency of some denominations is withdrawn as suggested by him .If he considers that politicians are using black money in elections to buy votes etc ,then he also being a politician should appeal to his fellow politicians all over India and businessmen in his State ,to come out clean with black money stashed by them in India and abroad and help in making the economy of India stronger.If the claim of Honable CM that at least Rs 13000 crores has been declared from his State in recently concluded disclosure scheme and out of that Rs 10000 crore is by single individual then with all State machinery with the CM ,it is not difficult to identify said individual and steps can be taken by the State to unearth further black money from the said individual with the help of respective authorities .
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                                            Rajendra Prasad Avvaru
                                            Oct 12, 2016 at 5:11 pm
                                            It is very comical that even Mr.Naidu is talking about black moneynow ? His entire career is built on black money . From 1-1/2 acres of land before he married the daughter of the then chief minister of A.P. Mr. N.T.Rama rao , to the present level of a billionaire , he rose on political ladder by way of black money. Now , he and his political rival Jagan , another political billionaire with throwaway cash , are loudest voices in A.P. about corruption and black money ! Two Great Political Chameleons and misfortune of A.P. !
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