chandrababu naidu letter to pm

Chandrababu Naidu

Amravati Chief Minister Chandrababu Naidu Write a letter to PMreiterating his demand.
Chandra Babu Naidu was the first politician to raise the demand for the abolition of 500 rupees note and 1000 rupees currency notes last month, Finally, PM Modi took spot decision to ban Higher currency.

Here the CNB letter to PM Modi Ji:

Dear Sri Modi Ji

The country is fortunate to have you as Prime Minister of India at this opportune and inspiring time. Opportunity for transformational change arises rarely and even rarer when such opportunities are actually seized for national transformation.

Under your leadership the country is moving towards a new tax regime with the non-litigious approach. The launch of the income Declaration Scheme, 2016, whereby one time opportunity has been given to all persons who have not complied with the provisions of the Income Tax Act, whether resident or non-resident, to come forward and declare undisclosed income, is laudable. The scheme has reportedly resulted in the pan-India declaration of undisclosed income exceeding Rs.65,000 crores, implying tax earnings of Rs.30,000 crores.

Black money is a socio-economic evil with grave and disastrous consequences. Apart from the loss of revenue to the government, parallel economy and widening the gap between the rich and the poor; It is largely responsible for the deterioration of general moral standards of the society. Social values of honesty, hard work, thrift and simplicity get eroded and even the political institutions and organizations lose their credibility as they get sucked into the system of black income. It is said black money transactions account for anywhere between 20,Y0 and 50% of the country’s GDP.

Within the country, the black money is used to bribe voters during elections, for Benami transactions, in the misuse of productive resources, in foresting antisocial activities etc. According to the RBI, the share of Rs.1000 notes in the stock of currency in circulation at the end of FY 2014-15 was a whopping 3996 with Rs. SOO notes accounting for a further 45% of currency stock, making a total of 84% of the money in circulation.

Since most parallel economy transactions are done by using Rs.500 and .1000 notes, demonetising them will make it difficult for hoarders to do large cash transactions and significantly reduce black money in the system. Demonetisation would leave currency hoarders with no option, though the same is much more difficult to enforce. Bringing these transactions into the economy would help the country grow faster and improve the quality of life of citizens. While appreciating the steps taken to bring back the ill-gotten wealth stashed abroad in Swiss banks and tax haven nations, further

deterrent, stringent steps should be taken. For healthy development of global economy and well-being of people of all nations, global crusade on curbing black money should be taken up by all the nations in coordination.

In the era of e-Governance and technology driven banking system, the RBI and the Government should make accelerated efforts towards cashless digital transaction economy. Besides convenience, digital transactions give scope for recording all transactions and hence curbing the spread of unaccounted money/black money. The problem of counterfeit notes can also be provided.

Indian economy is slated to grow 7.6% this year making it one of the fastest-growing large economies in the world. To remain in the economy “Sweet Spot “and reach double-digit growth, the country must ensure the forward momentum of its program of economic reforms. By curbing the proliferation of parallel economy and transforming India into a cashless transaction economy, the country can be a pride of the world.

(NARA CHANDRABABU NAIDU)
To SHRI NARENDRA BHAI MODI JI Hon’ble Prime Minister of India New Delhi

However, CNB says Thankful to PM Modi accepted his suggestion, says Chandrababu Naidu.