Hyderabad: Union information and broadcasting minister M. Venkaiah Naidu on Saturday said that the revolutionary step of demonetisation of large currency notes by Prime Minister Narendra Modi was part of the actions to strengthen the country’s economy. “It serves multiple purposes. It weeds out black money, checks inflation, corruption, fake currency, financing of cross border terrorism and the conspiracy by our neighbour to destabilise our economy. It will strengthen India’s economy. I request everyone to cooperate with the Prime Minister in this great ‘yagna’,” Mr Venkaiah Naidu said.
He added, “If you have the right money, it will be white money. The problems and inconveniences being faced by the people are temporary, and there is nothing to fear. There is a bank branch for every 15,000 population. One can safely and peacefully deposit up to Rs 2.5 lakh in one’s account. Above this amount, you need to give details of how you got it.” The Union minister was delivering a talk at the Filmnagar Club here on demonetisation of large currency notes.
“There is no tax on farm income. Modiji’s decision has hit those who evade taxes hard, who have wealth disproportionate to known sources of income, hoarders and others indulging in illegal acts. It will reduce inflation and land prices. Hence, the common man need not worry,” he said. Appreciating people for their composure and cooperation, he said the Central government action would also inculcate the habit of prompt payment of taxes and strengthening the economy. “You still have 50 days to go to deposit old notes. If you pay taxes, you will have better roads, better basic facilities. In the revolutionary action with a foresight, temporary problems are inevitable. It’s for the betterment of society,” Mr Venkaiah Naidu said.
