Hyderabad: Andhra Pradesh Chief Minister N. Chandrababu Naidu, on Tuesday suggested that higher denomination currency notes be demonetised to curb the flow of black money.
He said that other countries had done it, and India could demonetise notes of the denominations of Rs 500 and Rs 1,000 to curb black money.
“Many people are stashing black money in tax havens. These people are running a parallel economy. In his first Cabinet meeting, Narendra Modi constituted a SIT to bring it back,” he said, adding that there was an urgent need for political, economic and administrative reforms.
“If necessary, the currency denominations of Rs 500 and Rs 1000 can be banned to stem the flow of black money. A corruption free India is our dream,” Mr Naidu said.
