Hyderabad: Govt. have attacked the people through surgical operation by demonetizing the old currency notes which is causing inconvenience to common man. In such a situation, businessmen and industrialists should be very careful. FATAPCCI held a colloquium on “Demonetization of Rs. 500 and Rs. 1000 – effects and precautions” yesterday.
Senior advocate of High Court, Mr. Y. Ratnakar and chartered accountant Mr. Arun presented key note address on the impact of demonetization of currency. Present on this occasion were Mr. G. Srinivas, Vice President of FATAPCCI and Mr. Suresh Jain, Chairman of Direct Taxes Committee.
Reviewing the legal implications of Government’s decision, he told that there is no defect in it but the business community which has black money should be very careful. As per rules, they can disclose their income but there is a limit for it. He pointed out that there is no provision for levying 200% fine.
Mr. Arun told that the negative effects of demonetization of currency are only for a short period. This step of the Govt. will be effective. Situation cannot change unless the common man finds an access to the new notes. He informed that the total economy of the country is Rs. 14 lakh crore out of which 86% consisted of Rs. 500 and Rs. 1000 notes. Cancellation of these notes shook the entire country. Its positive effect was that during the short period of one week, people deposited 5 lakh and 50 thousand crore rupees in banks and 16 crore people transacted business through banks.