Though the Centre’s decision came as a big surprise, representatives from the trade and industry here welcomed the announcement to cancel legal tenders of Rs.500 and Rs.1,000 with immediate effect.
Industrialists whose opinion was sought by The Hindu said the decision was yet another move to control the influence of black money after launching the Income Disclosure Scheme-2016.
Describing the move by Prime Minister Narendra Modi as ‘bold and right decision to curb black money,’ AP Chambers of Commerce and Industry Federation State president-elect G. Sambasiva Rao said the industry was very positive about the outcome of the initiative. This would also help realise more revenue though taxes with the decision making Rs.500 and Rs.1,000 notes ‘invalid.’
Former zonal chairman of CII and Director Sarda Ferro Alloys Neeraj Sarda said it was a very good step. However, he said the re-introduction of Rs.500 notes was ok but there was no justification to introduce Rs.2,000.
Vizagapatam Chamber of Commerce & Industry president A.V. Monish Row said from long-term point of view, the decision would fetch lot of dividends to the nation. Admitting that black money was running a parallel economy, he said cancellation of Rs.500 and Rs.1,000 notes would cast a heavy burden on the exchequer.
He said the decision would hit hard realty, steel, cement, construction, jewellery and stock market for sometime.
Symbiosys Technologies CEO Naresh Kumar said the decision would be a setback those having blackmoney.
