Telangana News

After Andhra Pradesh Chief Minister Chandrababu Naidu has decided to make Visakhapatnam as the cashless state in AP, now even Telangana Chief Minister KCR is aiming towards cashless and chose Siddipet, to initiate the idea. 

KCR said that, transactions only up to Rs 500 can be in cash and over a period of time the government plans to do away with this for 100% cashless transactions. He also announced that a mobile application ‘TS-Wallet’, would be introduced soon towards cashless transactions.  

“The IT department is working on it and the TS-Wallet will be introduced soon. The App can be used for both government as well as private transactions,” KCR said.

Revealing his opinion about the demonetization, the dynamic CM said, "why should we oppose demonetization blindly? If Telangana has to survive, the state should go in for cashless transactions. The country should become corruption-free. Demonetization process will do good for the society."

As the real estate sector is receiving a tight jolt due to demonetization, the Cabinet has decided to construct two bedroom houses in Hyderabad by spending Rs.5000 crores.

Explaining about the tax benefits due to demonetization, KCR said, "There will be only two taxes in the country in future. Goods and Services Tax (GST) and Bank Transaction Tax (BTT). Even if the BTT is just 0.25 %, then the Central government’s income will increase by four to five times. The states will get proportionate share in the Central income.”