Andhra Pradesh CM calls for scrapping Rs 500 and Rs 2,000 notes
Chief Minister N Chandrababu Naidu suggested keeping only Rs 100 and Rs 200 notes to combat corruption.
Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday proposed that the government should scrap Rs 500 and Rs 2,000 currency notes. According to India Today, the Chief Minister argued that removing high-value cash could disrupt corruption and simplify poverty eradication and wealth creation.
Naidu, who is also the Telugu Desam Party (TDP) chief, stated that he has previously provided inputs for a digital currency report and has discussed the matter with Prime Minister Narendra Modi. He said that denominations of Rs 500, Rs 1,000 and Rs 2,000 should be removed, leaving only Rs 100 and Rs 200 notes in circulation.
The Chief Minister advocated for technology-driven governance and digital currency to address systemic flaws. He noted that if technology is used perfectly, it would make it easier to create wealth and reduce poverty.
Naidu also addressed electoral politics, suggesting that the NDA has started a trend to limit cash distribution during elections. He said that reducing election spending would prevent leaders from trying to recover costs after taking office, thereby encouraging a spirit of service.
His remarks came one day after the 10th anniversary of the 2016 demonetisation move. During that period, the Centre withdrew Rs 500 and Rs 1,000 notes to target black money and counterfeit currency.