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Demonetisation tougher than ’84 August crisis: AP CM
Chief Minister N Chandrababu Naidu in a direct attack on demonetisation said that it was a tougher situation to handle than 1984 August Crisis, when NTR was dethroned as chief minister.
Amaravati: Chief Minister N Chandrababu Naidu in a direct attack on demonetisation said that it was a tougher situation to handle than 1984 August Crisis, when NTR was dethroned as chief minister.
Addressing the legislators and constituency in-charges of the party during the one-day workshop here on Tuesday, Naidu admitted that his government could not deposit in the banks the pension amount of beneficiaries properly in this month due to cash crisis.
The Chief Minister lamented over the lack of clarity on time required to ensure normalcy from the present situation. “In this backdrop, the government has taken a decision to pay pensions in the old system - to directly handover to pensioners from next month.
The state government has asked the Reserve Bank of India (RBI) to allot Rs 460 crore for this purpose exclusively,” he said.
Terming the current situation as tough one deal, the Chief Minister, who incidentally is the convenor of a CMs’ panel on demonetisation, said the financial system has collapsed.
“The impact though strong is temporary. The state should follow Government of India guidelines,” he said. Naidu expressed his ire over bankers for lags and issues in the implementation of digitisation.
“Even though the state government has formulated plans to utilise the services of ration dealers as bank correspondents but it has not been materialised due to bankers rules and guidelines,” the Chief Minister rued. Party general secretary Nara Lokesh, ministers were present.
