CM KCR backs demonetisation but with riders

National News, Telangana News

Telangana CM KCR backs demonetisation but with riders

Telangana’s chief minister, K Chandrasekhar Rao, said today that the demonetization of high-value currency notes should be welcomed if it can help clean up the economy. However, he felt that the interests of ordinary people, small traders and those in the unorganized sector should be protected.

KCR spoke to Prime Minister Narendra Modi by telephone today and will go to Delhi tomorrow, a statement from the Prime Minister’s Office said.

The chief minister is likely to meet Modi on Saturday.

It held a meeting with officials on the impact of demonetization on government revenues. Rao, who favored the reforms, believed that common people, small traders and those conducting business in the unorganized sector should not suffer losses, the statement said.

During the meeting, it was estimated that revenues from government registrations and transportation decreased as a result of demontisation and that other departments such as excise, sales tax and Also affected.

Noting that demonetisation has affected the revenues of state governments, the Chief Minister has requested to postpone the payment of loans by the States to the Center and said that he will bring all these issues to the Prime Minister’s opinion.

KCR felt that all those with Rs 2.5 lakh money should not be treated as black money and instead it should be designated as unaccounted money, said the release.

“Small and medium-sized traders, businessmen and other players in the unorganized sectors should benefit from certain exemptions, they should be supported and more likely to disclose and deposit their accounts, thus granting them an ad onetime amnesty”