‘No need for Rs 2,000 or Rs 500 notes’

"The tax evaders and the corrupt should not be spared but at the same time the common man should not be put to hardship," B V Rama Rao, the president of the Federation of Andhra Pradesh Industries (FAPI). said.

By Author  |  Published: 12th Nov 2016  7:50 pmUpdated: 14th Nov 2016  5:50 pm
Rs 500
Representational Image. A person collects a Rs 2000 note in a bank in Beawar on Saturday. Photo: PTI

Visakhapatnam: While the move to demonetise Rs 500 and Rs 1,000 notes to unearth black money and neutralise counterfeit currency is a correct one, it is a retrograde step to reintroduce the new Rs 500 note and also to issue Rs 2,000 notes, according to B V Rama Rao, the president of the Federation of Andhra Pradesh Industries (FAPI).

He said here on Saturday that the Union Government should take all steps to remove the inconvenience faced by common men and women in exchanging their genuine notes. “The tax evaders and the corrupt should not be spared but at the same time the common man should not be put to hardship,” he said.

He said the reintroduction of Rs 500 note and issue of Rs 2,000 note would again generate black money and therefore the Government should give up the move and encourage cashless transactions and use of plastic money. He said the Government should minimise the impact of the disruption of the industry and trade and economy in general and the banking system should rise to the occasion.