Demonitization: CBN - I am breaking head daily

20 December 2016

Andhra Pradesh Chief Minister Chandrababu Naidu said on Tuesday that demonetization in reality created many problems without any solution in near future. Chandrababu said that even though he was of the opinion to ban big notes but demonetization was really on the wish list.

 

Chandrababu presently heads a 13 member committee appointed by the central government to look into the demonetization issues.. CBN said that there is an immediate need to look for some remedial measures. He is of the opinion that with out any remedial measures, common peoples problems would continue in the long term. He said that after 40 days of demonetization he don’t see any improvement in the situation.

 

Chandrababu was addressing a workshop of MPs, MLCs,MLAs and other leaders of his Telugu Desam Party in Vijayawada. TDP is a part of ruling NDA government.

 

CBN said he initially though demonetization will be very good for the economy but is presently spending hours and literally breaking his head daily to find a solution to this problem. He referred to “August Crisis” (an internal party coup dating back to 1984) was solved in 30 days but doesn’t when this currency crisis will be resolved. CBN is of the opinion that demonetization is a very sensitive issue and banks were “not prepared” for a transition to digital economy. People are still facing trouble in exchanging the scrapped notes as well as in withdrawing cash from their savings accounts. Chandrababu seemed to change his tune and started making critical remarks about the Centre’s move, particularly the introduction of Rs 2000 notes.

 

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