KCR to meet Modi on demonetisation

Centre’s decision to curb black money should not cause misery to common public: Telangana CM

Published - November 18, 2016 08:20 pm IST - NEW DELHI:

Telangana Chief Minister K. Chandrasekhar Rao, whose State is in dire straits following the demonetisation of Rs. 500 and Rs. 1000 notes, is scheduled to meet Prime Minister Narendra Modi on Saturday to discuss steps to mitigate the plight of people.

In a statement here, B. Vinod Kumar, Lok Sabha Deputy Floor Leader of the Telugu Rashtra Samiti, said that on Thursday Mr. Rao had a telephonic conversation with Mr. Modi.

A statement issued by the Chief Minister’s Office quoted Mr. Rao as saying that while he welcomed demonetisation ‘if it helped clean up the country’s economy’, the Centre should take into account the loss incurred by State governments and decreased flow of revenue to them.

Loan payment

Telangana wants the Centre to defer payments by States on the loans borrowed by them as they are hard-pressed for payments of advances and salaries to employees.

However, Mr. Rao’s counterpart in Andhra Pradesh, N. Chandrababu Naidu, had been a vocal supporter of the Modi government’s decision.

Mr. Rao had said that all those having more than Rs. 2.5 lakh as income or savings should not be treated as black money holders. “It should be referred as unaccounted money. Small and medium traders, businessmen and those in the unorganised sector should be given exemptions. They should be given one more chance to disclose their income and deposit the money in banks, granting them one-time amnesty.”

Continuous process

Mr. Rao said any reform was a continuous process and aimed at achieving excellence. However, the Centre’s decision to curb black money should not cause misery and suffering to common public. People should be made partners and stakeholders in development.

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