Ban on big notes will have many benefits for poor: Kishan

BJP floor leader in Telangana Assembly G Kishan Reddy today asserted that Centre’s decision to demonetize Rs 500 and Rs 1000 currency notes was meant for welfare of the people in the county.

Participating in the debate on the demonetization issue in the Assembly, Kishan Reddy claimed there was tremendous response from the people and were wholeheartedly supporting Prime Minister Narendra Modi’s bold decision to check black money and corruption.

The BJP leader said there are several benefits from demonetization which would not only increase revenue of the government, but also would help reduce prices. Loans on lesser interest would be available in banks and digital transactions would be increased. Though there are some problems that people are facing with the demonetization, in long term, it would be beneficial to the country, he informed the Assembly. Alleging that some people were spreading false information about the gold, he made it clear that the Centre would not touch the yellow metal and jewellery.

Earlier, Chief Minister K Chandrasekhar Rao said his government was supporting the demonetization decision of the Union government. Welcoming the fight against black money and corruption, KCR said his government has written a letter to the Centre as well as RBI to take measures to minimize problems being faced by the people after demonetization of big currency notes. (NSS)