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CBN's Call to abolish Rs 500 & Rs 1000 Notes
By: Tupaki Desk | 12 Oct 2016 3:44 PM GMT
Andhra Pradesh CM Chandrababu Naidu demanded abolishing Rs 500 and Rs 1000 currency notes to curb black money in the country. He even wrote a letter to PM Modi on Wednesday recommending abolishing these currency notes and encouraging compulsory bank transactions.
Naidu believes abolishing Rs 500 and Rs 1000 will also end buying of votes during elections. He says few people were using money power to win the polls and thereafter misuses the mandate.
On the Income Declaration Scheme (IDS) which fetched Rs 65,000 crore for Government, Babu opined regularising black money isn't a good trend as corrupt will pay 45% penalty to make the rest of the amount white. He quotes Rs 10,000 crore paid by a Hyd-based Individual as an example.
Will Modi take CBN's suggestion seriously? Is it practically possible to abolish Rs 500 & Rs 1000 Notes or making Bank Transactions mandatory?
Naidu believes abolishing Rs 500 and Rs 1000 will also end buying of votes during elections. He says few people were using money power to win the polls and thereafter misuses the mandate.
On the Income Declaration Scheme (IDS) which fetched Rs 65,000 crore for Government, Babu opined regularising black money isn't a good trend as corrupt will pay 45% penalty to make the rest of the amount white. He quotes Rs 10,000 crore paid by a Hyd-based Individual as an example.
Will Modi take CBN's suggestion seriously? Is it practically possible to abolish Rs 500 & Rs 1000 Notes or making Bank Transactions mandatory?
