CM Chandrababu Naidu says, scrap Rs 500, Rs 2,000 notes could help break the cycle of corruption

Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday called for scrapping high-denomination currency notes of Rs 500 and Rs 2,000, arguing that eliminating high-value cash transactions could help break the cycle of corruption and make wealth creation and poverty eradication easier.

Making a strong pitch for digital currency and technology-driven governance, Naidu said he had submitted inputs for a report on the subject in the past and had repeatedly raised the issue with Prime Minister Narendra Modi.

"I was the one who gave inputs for the digital currency report. I had urged the Prime Minister to consider this earlier and I am demanding it again now. I will keep raising this issue. Currency denominations of Rs 500, Rs



1,000 and Rs 2,000 should be scrapped. Only Rs 100 and Rs 200 notes should remain," he said.

His comments came a day after the 10th anniversary of the demonetisation move, in which the Centre, on November 8, 2016, withdrew Rs 500 and Rs 1,000 currency notes from circulation, announcing the decision as a measure to curb black money, counterfeit currency and corruption.

The Telugu Desam Party (TDP) chief further said he would continue to press for the proposal, arguing that technology, if implemented effectively, could help address deep-rooted economic and governance challenges.

"If technology is implemented perfectly, wealth creation is not difficult and eradicating poverty is not difficult either," he said.