Tuesday , August 22 2017
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Telangana CM backs demonetisation but with riders

Hyderabad: Telangana Chief Minister K Chandrasekhar Rao today said demonetisation of high-value currency notes should be welcomed if it can help clean up the economy.

He, however, felt the interests of common people, small traders and those in the unorganised sector should be protected.

Rao spoke to Prime Minister Narendra Modi over phone today and will go to Delhi tomorrow, a release from the Chief Minister’s Office said.

The Chief Minister is likely to meet Modi on Saturday.

He held a meeting with officials on the impact of demonetisation on the state’s revenues. Rao, who favoured reforms, felt common people, small traders and those conducting businesses in the unorganised sector should not suffer any losses, the release said.

During the meeting it was estimated that the state’s revenue from registrations and transport has declined following demonetisation and other departments like excise, sales tax and commercial taxes were also impacted, it said.

Noting that demonetisation move has affected revenues of state governments, the Chief Minister requested deferring payment of loans by states to the Centre and said that he will bring all these issues to the Prime Minister’s notice.

Rao opined that all those having Rs 2.5 lakh cash should not be treated as black money and instead it should be referred to as unaccounted money, the release said.

“Small and medium traders, businessmen and others in the unorganised sectors should be given certain exemptions. They need to be supported. They should be given one more chance to disclose and deposit their accounts thereby granting them onetime amnesty,” it added.