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Rs 2,000, 500 Notes Not Needed, Says Chandrababu

Amaravati: Andhra Pradesh Chief Minister N Chandrababu Naidu on Friday opined that Rs 2,000 and Rs 500 currency notes are not needed, though he stopped short of demanding their abolition.

"We don't need Rs 2,000 and Rs 500 currency notes. Small (denomination) notes (Rs 200 and Rs 100) are enough. We have to go for online transactions in a big way so that ultimately corruption is rooted out," he told a news conference here this afternoon.

Naidu, an ally of the BJP, did not specifically seek the abolition of the Rs 2,000 and Rs 500 notes, but added that their absence will bring down "distribution of money during elections".

Incidentally, Naidu had welcomed the announcement by Prime Minister Narendra Modi on November 8 last year to demonetise Rs 1,000 and Rs 500 notes but expressed reservations over the introduction of Rs 2,000 notes.

Subsequently, Prime Minister Narendra Modi made Naidu convenor of a Chief Ministers' Committee to suggest steps for promoting digital economy.

"If there are no Rs 2,000 and Rs 500 notes, distribution of money in elections will come down. And, by encouraging online transactions, corruption can be rooted out," he said. (PTI)

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