: The chartered accountants praised Prime Minister Narendra Modi for announcing demonetisation of high denomination currency notes to keep a check on unaccounted money.
At an awareness programme organised by the Bharatiya Janata Party, here on Friday, Institute of Chartered Accounts of India (ICAI) Karimnagar chapter chairman D. Niranjana Chary hailed the bold decision of the Union Government.
He said the demonetisation would check terrorism and hoarding of unaccounted money.
Allaying fears among the people, he said that they would not face any problem in banking transactions with their legal money.
He said that presenting the PAN card number was mandatory in the banking system if a customer withdraws more than Rs. 50,000.
The institute office-bearers K. Venkateshwarlu, G. Anand Kumar, N. Varaprasad, Y. Anil Kumar, K. Rammohan, BJP official spokesperson Bandi Sanjay Kumar and others participated in the programme. They said that the demonetisation would help reduce prices in the real-estate sector and there would be no registrations of properties under fictitious names. It would also have an impact on the fee of management-quota seats in professional colleges.
They also said that people would be habituated to do more banking transactions and there would be more deposits in the banks helping the bankers in providing more loans at lower interest rates.
They also clarified that the CAs would only tell the people on how to manage taxes and help the Government get its revenue.
