The Hindu Business Line

Telangana CM backs note ban, seeks more cash for State

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Telangana Chief Minister K Chandrasek­hara Rao has asked the Union Government to take steps to eliminate all forms of black money, including those in the form of diamonds, gold, shares and foreign currency.

He wanted the Centre to keep tabs on the generation of black money through crony capitalism and flow of black money back into the country through money laundering from British Virgin Islands, Mauritius and Singapore.

Addressing the first day of the Winter Session of the Assembly here on Friday, he said the State “whole-heartedly” welcomed the demonetisa­tion drive. The session will last till December 30. In the BAC (Business Advisory Committee), the government agreed to extend the session by a few days, if need be. As elsewhere in the country, there’s acute scarcity of currency in the State, with majority of the banks and ATMs out of cash, causing severe inconvenie­nce to the people. Congress leader K Jana Reddy and MIM leader Akbaruddin Owaisi related the difficulti­es being faced by the people.

The Chief Minister said the people in the State had deposited ₹57,479 crore in the last 38 days after the Centre announced demonetisa­tion of ₹500 and ₹1,000 notes. The Reserve Bank of India said it supplied ₹19,109 crore to banks in the State. He informed the House that he has requested the RBI to supply ₹5,000 crore worth small denominati­on notes in order to meet the immediate.

Cashless transactio­ns

He said it was in the interest of the State to encourage cashless transactio­ns. “The government is closely monitoring the situation arising from demonetisa­tion and has put in place appropriat­e measures to ensure that the economy of the State does not get derailed,.

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