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Cashless economy not possible: Nitish Kumar

The Bihar CM, however, sought to link demonetisation benefits to put a check on liquor traders in prohibition state of Bihar.

Written by Santosh Singh | Patna |
December 20, 2016 2:47:56 am
nitish kumar, demonetisation, demonetisation effect, cashless economy, nitish cashless economy, bihar demonetisation, indian express news, india news Bihar Chief Minister Nitish Kumar PTI Photo

Bihar Chief Minister Nitish Kumar on Monday said cashless economy was not possible in India, adding that even a developed country would not carry cashless transactions above 40-45 per cent. The Bihar CM, who has otherwise supported NDA government’s demonetisation move, said he would reassess his support after December 31.

Nitish, while still lauding demonetisation for being a possible effective tool to check black money, said: “Cashless economy is not fully possible in India as we still have miles to cover in this direction. Even a developed country has not achieved cashless transactions above 40-45 per cent.”

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The Bihar CM, however, sought to link demonetisation benefits to put a check on liquor traders in prohibition state of Bihar. “I firmly believe that note ban has hit liquor traders, who would not be able to use their black money”.

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Asked if JD (U) would revisit its stand on demonetisation, the Bihar CM said that the government’s immediate priority was to “see through preparations of 350th birth anniversary of Guru Gobind Singh at Patna and Kalchakra in Gaya. But we will surely assess demonetisation’s side-effects after 31st December”.

Nitish lauded Election Commission’s suggestion of a political party not accepting secret donation above Rs 2,000. “It is a good suggestion and we welcome it. It will help bring more transparency in system,” said Nitish, who reiterated that central government should immediately launch crackdown on benami property.

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