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CM welcomes Centre’s demonetisation move of higher denomination currency

CM welcomes demonetisation

Bhubaneswar: Chief Minister Naveen Patnaik has welcomed the Union Government’s move on demonetisation. He said this is a bold move by Prime Minister Narendra Modi to check terror funding.

“Demonetisation of higher denomination currency notes in circulation to check black money has been a public suggestion to the Central Board of Direct Taxes (CBDT) panel since long. I am happy that the Union Government has shown the political will to implement it,” said Patnaik. “Across the globe there have been policy changes to demonetise higher value currency notes to check terror funding,” he said.

However, he also reminded the Centre that the efforts should have smooth transition to ensure those living in interiors and having no access to banks or the daily wage earners, small traders and common people in general do not suffer since more than 80 per cent cash in circulation has been withdrawn.

“I’m particularly concerned about the timely payment of MGNREGS and other pro-poor schemes where payments are made through banks. Three days time for allowing old currency is too short for costly and critical treatment,” said CM Patnaik.

He also urged the Centre to reform the institutional and legal frame work, seek better tax compliance, set up transparent trade regimes, so that the “big fish” do not manage to escape. “My government is committed to support all measures leading to transparency in governance,” Patnaik said.

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