Venkaiah Naidu on demonetisation: Money is in bank instead of bedroom and bathroom, use it for welfare of poor

By: | Published: September 20, 2017 10:58 PM

The vice president wondered as to why people are critical of 99 per cent of the higher currency cash in circulation coming back into the system after the government on November 9 last year scrapped Rs 500 and Rs 1,000 notes.

 M Venkaiah Naidu, venkaiah naidu on demonetisation, demonetisation venkaiah naidu, naidu, Vice President, ranchiThe vice president wondered as to why people are critical of 99 per cent of the higher currency cash in circulation coming back into the system after the government on November 9 last year scrapped Rs 500 and Rs 1,000 notes. (Reuters)

Using his trademark oratory skills, Vice President Venkaiah Naidu on Wednesday said that the money that has returned back into the banking system post demonetisation should be used for the welfare of the weaker sections of society, PTI reported. The vice president wondered as to why people are critical of 99 per cent of the higher currency cash in circulation coming back into the system after the government on November 9 last year scrapped Rs 500 and Rs 1,000 notes.  “Isn’t it good that the money has returned to banks… instead of being found in the bedroom, bathroom, under the pillow, the money reached banks. It is a matter of happiness,” he was quoted as saying.

“I am surprised that some people are criticising, I don’t understand why (they are criticising). The money has reached banks but it should now reach the weaker sections of the society and the government has accorded priority to this,” Naidu was quoted as saying while addressing the SC/ST Hub Confluence. Naidu also pointed out that a “misconception” that the poor do not repay loans exits and said that only the rich have evaded taxes.   “There is a misconception that if you give loan, credit to the poor they will not pay, it is wrong. Only rich people, you have seen, have evaded taxes,” Naidu said.

Naidu said that Sabka Saath, Sabka Vikas was not just a clarion call and there was a need to adopt an approach to ensure that there is all- round development.  He also pointed out that mere reservations or admission in schools will not solve the problems and the oppressed sections of the society must be enrolled and given a helping hand.

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