KCR spoke to Modi over the demonetisation, and said that it should be referred to as unaccounted money.

Amounts over Rs 25 lakh should not be treated as black money says KCRFile photo: Facebook/Telangana CMO
news Demonetisation Friday, November 18, 2016 - 07:36

Telangana Chief Minister K.Chandrasekhar Rao on Thursday said those having more than Rs. 2.5 lakh cash from income or savings should not be treated as having black money.

Rao, who spoke to Prime Minister Narendra Modi over the situation arising out of demonetisation of high value currency notes, feels that more than Rs.2.5 lakh cash should be referred to as unaccounted money.

"These small and medium traders, businessmen and others in the unorganised sectors should be given certain exemptions. They need to be supported. They should be given one more chance to disclose and deposit their accounts thereby granting them one-time amnesty," said the chief minister.

According to the chief minister's office, the prime minister invited Rao to New Delhi for a meeting to discuss the measures needed to mitigate difficulties faced by people.

Modi asked KCR, as the chief minister is popularly known, to be available in the national capital on Friday. The meeting is expected to be held on Saturday.

The prime minister also asked the chief minister to prepare a blue print on the measures to be taken to mitigate the difficulties of the people post-demonetisation.

Earlier, KCR reviewed the impact of the demonetisation on the state's revenue with Chief Secretary Rajiv Sharma, the Special Chief Secretaries, Principal Secretaries and secretaries.

KCR said the central government should also take into account how the states have incurred losses and less flow of revenue to their exchequers. To mitigate the state's sufferings, the union government should defer payments from the states on the loans taken by them, the chief minister observed. He said he would bring these issues to the notice of the Prime Minister.

The officials informed the Chief Minister that Transport and Registration departments have bore the major brunt while Excise, Sales and Commercial taxes also had a setback.

KCR also said he felt that if demonetisation of currency notes of Rs 500 and Rs 1,000 denomination is going to help clean up the country's economy, it should be welcomed. "Any reform is a continuous process and it should be aimed at excellence. When thinkers and intellectuals together embark on a purpose it would be nothing but success," he said.

"However, any decision taken by the centre to curb and prevent black money, should not cause misery and suffering to the lakhs of small traders, and those in the unorganised sectors as well as the common man. Efforts should be put in place to safe guard the interests of these sections in the society. The people should be made partners and stakeholders in the development," he added.

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