Chief Minister Naveen Patnaik has commended Prime Minister Narendra Modi’s decision to scrap Rs 500 and Rs 1,000 notes, saying, “It is a bold step by the Prime Minister.”
Demonetisation of Rs 500 and Rs 1,000 is aimed at rooting out black money, said Patnaik.
Welcoming the move, the Chief Minister said that 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).
“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 demontise higher value currency notes to check terror funding.
As more than 80 per cent cash in circulation is withdrawn, the Union Government should take all efforts for a smooth transition so that common people, small traders, daily wage earners and those living in interior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, he urged .
Chief Minister said “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 notes in hospitals is too short for critical and costly treatments, he said.
Besides this measure, the Union Government should reform the institutional and legal framework, seek better tax compliance and set up of transparent trade regime, so the big fish do not manage to escape, said the Chief Minister.
FICCI Odisha hails demonetization
The FICCI (Federation of Indian Chambers and Industries) Odisha State Council on Wednesday said the Union Government’s decision to demonetise high-value currency notes is the logical outcome of Prime Minister Nardendra Modi’s focus on eradicating the scourge of black money and striking terror financing.
“The long-term benefit of greater transparency and a system which rewards the honest taxpayer far outweighs the short term disruptions, if any. I am delighted to add my voice to the many who have rightly welcomed this move,” said council chairman Subhrkant Panda.