Chandrababu Naidu calls for ban on big notes

A corruption free India is our dream, he said

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The News Minute | June 25, 2014 | 9:13 AM IST Andhra Pradesh Chief Minister N. Chandrababu Naidu, on Tuesday suggested that higher denomination currency notes be demonetized to control the influx of black money. He said that since other countries had done it, and India could also demonetize 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. “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.

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