Rajamahendravaram: Deputy Chief Minister Nimmakayala China Rajappa on Tuesday hailed Prime Minister Narendra Modi’s decision to demonetise Rs 500 and Rs 1000 notes to curb black money. Speaking to The Hans India at Angara, he said Chief Minister N Chandrababu Naidu had written to Narendra Modi on demonetization of the currencies of the two denominations after discussing it in the State Cabinet.
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Black money worth several lakhs of crore was concentrated in the hands of some bigwigs, he said adding that the real estate boom was triggered by black money.
Unearthing the black money would be helpful in developing the country, said China Rajappa and said the PM’s decision would ensure transparency in cash transactions leading to an increase in the tax revenue for the government. He said the latest move by the Centre would be beneficial to the poor and middle classes.