Will Pull Up Centre On Demonetization After Day 50

Extending full support to the Centre on its decision to demonetize the big currency notes, Chief Minister K Chandrashekar Rao promised that the State would fight the Central government in case the post-demonetization situation remained unchanged even after the end of 50 days as assured by Prime Minister Narendra Modi.

"We have to wait till the end of the stipulated period of 50 days," the Chief Minister said, recalling Bihar Chief Minister Nitish Kumar's statement that he would question the Prime Minister after 50 days if the demonetization woes continued. KCR also said that it was not unethical politics to create hysteria among the masses over the issue.

KCR also promised that he had no vested interests behind extending support to the Centre on its decision to ban the 500 and 1,000 denominations.

Replying to short a discussion on demonetization of high denomination currency notes and its impact on the State economy in the Legislative Assembly, the Chief Minister admitted that the move had an impact on State economy.

But he also said that "The impact is not as much on the State as previously predicted by the government. There was a slight decrease in overall revenue, but the loss doesn't come from the Excise department."

He said that Prime Minister Narendra Modi had all the necessary information about the troubles being faced by the people in Telangana, and that he had confidence in the latter. KCR said situations were changing and one needed to adapt to it as early as possible.

KCR said that the revenue of the State and Centre would definitely increase if the country is transformed into a cashless economy. Every black money holder would be compelled to pay taxes if cashless economy became a success, he added.

"We will make Telangana cash-free or a less cash economy. If the problem still doesn't go away, we will pull up the Centre," he promised.