YSR Congress president Y S Jaganmohan Reddy on Wednesday suggested that implementation of demonetisation of high-value currency be made effective from April 1, 2017, to overcome the prevailing currency crisis and to ensure a sustainable transformation to a cashless economy. Jagan, who is also the Leader of Opposition in Andhra Pradesh Assembly, wrote a letter to Prime Minister Narendra Modi to this effect.
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“Best of the plans with the best intentions will also fail if not implemented properly,” he noted, adding that the Centre should take further steps to make life of common citizens better. “There are no words to describe their (current) plight. We sincerely hope the situation should not degenerate into a human tragedy. It will not make much difference if the implementation of demonetisation is made effective from April 1, 2017,” he said.
In the meantime, the government could print all currencies in required numbers and ensure they reached banks, ATMs and post offices in time. If real estate transactions, gold purchases and bank deposits were under the Income Tax department scrutiny, no one could convert black money to white without going through the process of law, Jagan pointed out.
The government could also bring a sustainable change from traditional cash economy to plastic money by organising awareness programmes and building proper infrastructure, the YSRC chief added. Jagan also suggested constitution of a committee comprising representatives of all political parties, experts in rural economy, farmers and traders associations to suggest ways for migration to banking operations in a phased manner. “This alone can resolve the whole issue,” he said.