BJP floor leader in Telangana Assembly G Kishan Reddy today asserted that Centre's decision to demonetize Rs. 500 and Rs. 1,000 currency notes was meant for the welfare of the people in the country.
Participating in a debate on the demonetization issue in the Assembly, Kishan Reddy claimed there was a largely positive response from the people, who were wholeheartedly supporting Prime Minister Narendra Modi's decision to put an end to black money and corruption.
The BJP leader said that there were several benefits to be drawn from the note ban including increased revenue and reduction in prices. Also, loans with lesser interest rates would now be available in banks. And cash transactions would increasingly become digital.
And even though there were some problems that people faced due to demonetization, in the long term it would benefit the nation, he told the Assembly.