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Naveen welcomes demonitisation of currency notes

Wednesday, Nov 9, 2016,16:28 IST By Metrovaartha A A A

Bhubaneswar | Describing Prime Minister Narenda Modi’s act of demonetisation of currency notes as a “bold step”, Chief Naveen Patnaik today said Odisha goverment welcomes such a move 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 Govenrment has shown the political will to implement it,” Patnaik said.
“This is a bold step by the Prime Minister. Across the globe, there have been policy changes to demonetise higher value currency notes to check terror funding,” Patnaik said adding that as more than 80 per cent cash in circulation is withdrawn, the Union government should take all efforts for a smooth transition so that common people, small traders, daily wage earners and those living in interior areas and not having access to banks do not suffer any hardship.

“I am particularly concerned about timely payment in MGNREGS and other pro-poor schemes where payments are made through banks. Three days time for allowing old currency in hospital is too short for critical and costly treatment,” Patnaik pointed out.

Besides this measure, Patnaik said, the Union government should reform the institutional and legal framework, 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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