India News

Pointing indirectly to his rivals, Andhra Pradesh Chief Minister Chandrababu Naidu said that, out of Rs. 65000 crores black money declared across the country, Rs. 13000 belonged to Hyderabad out of which Rs. 10000 to an individual.

To avoid black money, Rs. 1000 and Rs. 500 currency notes should be abolished, Naidu demanded and regarding this, he even said that he will write to Prime Minister Narendra Modi.

“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. 

He opined that, abolishing high denomination would curb black money, which would even put an end to buying of votes. Adding to it, people go for banks and get accustomed to online culture, which is necessary.

“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,” Naidu said.