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Demonetisation to Have Gains in Long Run: N Chandrababu Naidu

Demonetisation problems are temporary but the gains, in the long run, will be fruitful, Andhra Pradesh Chief Minister N Chandrababu Naidu said as he enlisted the steps taken by his government to help the people in this situation.

Press Trust Of India

Updated:November 27, 2016, 9:32 AM IST
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Chandrababu Naidu
File photo of Andhra Pradesh Chief Minister Chandrababu Naidu. (Reuters)

New Delhi: Demonetisation problems are temporary but the gains, in the long run, will be fruitful, Andhra Pradesh Chief Minister N Chandrababu Naidu said as he enlisted the steps taken by his government to help the people in this situation.

The Andhra government has adopted several innovative ways to solve the problems of the people and become a role model state in the country in cashless transactions, he said.

The steps taken by the state government include setting up of four committees to oversee cashless transactions, an arrangement of 19,000 e-PoS (Point of Sales) machines involving students and self-help women's groups and starting a mobile application 'AP Purse'.

"The demonetisation problems are temporary but the gains, in the long run, will be fruitful," he said.

The Chief Minister urged the people to ensure the currency crisis for some more time to come and asked them to face it in a challenging spirit.

To overcome the problems post scrapping of the high-value currency of Rs 500 and Rs 1,000, the Andhra government is planning to distribute free mobile phones to people, particularly the economically backward classes to undertake cashless transactions, Naidu said.

Naidu, who has been holding teleconferences with bankers and officials to ensure that problems of people are minimised, has announced the decision to set up four committees to oversee cashless transactions, Jan Dhan bank account, and Rupay dealings and overall expenditure.

The state government is also planning to start 'AP Purse' to provide short term, middle term and long term benefits to the people.

While terming as unfortunate that the demonetisation problem has prolonged, he lauded the people for having patience by being in such long queues at banks and ATMs.

He asked the people to make effective use of mobile currency, online transactions and debit and credit cards and Rupay cards.

He has written to Union Finance Minister Arun Jaitley, seeking more funds of smaller denominations to the state to ease out the problems of people.

The Chief Minister said the state government had received an additional Rs 2,000 crore, of which Rs 400 crore is in the denominations of Rs 100. He hoped that this would bring some relief to the people.

Naidu said he had requested the Centre and RBI to send Rs 5,000 crore to the state. He suggested that out of this, at least Rs 1,000 crore should contain smaller denominations like Rs 10, Rs 20, Rs 50 and Rs 100.

He added that the state government had earmarked Rs two crore to each of the districts, which would be of great help to small businessmen to continue their business transactions non-stop.

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| Edited by: Puja Menon
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