Currency ban: Sacrifices needed for nation’s sake: Speakers

Tirupati: Speakers at a symposium on ‘Demonetisation: Black money, corruption and entry of ethical and digital governance in India’ held here on Saturday felt that sacrifices are needed to achieve the objective of demonetisation and to remove black money, counterfeit money, corruption and check terrorism.

Indian Institute of Public Administration (IIPA) Tamil Nadu Regional branch secretary and retired IAS officer SS Jawahar said that the difficulties for people would be for short term but demonetisation is inevitable to catch big sharks of black money holders and corrupt elements.

The loophole in the system has to be rectified besides changing the mindset of the people to achieve the objectives of demonetisation.

K Santha Kumari, HoD of Economics at Sri Venkateswara University (SVU), has focused on shocks and disturbances in the society, though it was a radical step towards brining quality of life.

Many low income groups silently suffering both in rural and urban areas and the government should immediately look into their woes. AP State Finance Commission member KM Naidu highlighted that rich were not suffered with the demonetisation and it was the poor who left into lurch.

However, in the long run it will have a positive impact on the economy and also result in many unaccounted people entering into tax net. Dr P Krishnaprasanthi, former president of Tirupati branch, Indian Medical Association, felt that the demonetisation hit the poor hard.

In the concluding remarks, IIPA Tirupati chapter president A Ranga Reddy said that surgical operation for Indian economy would benefit India in the long run.

The symposium was jointly organised by Tirupati chapter of Indian Institute of Public Administration (IIPA), SVU Retired Teachers Association and Institute of Engineers.