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It’s a bold decision: VC
Krishna University Vice-chancellor S Rama Krishna Rao said on Monday there is a possibility of getting positive results of demonetisation in the long run.
Vijayawada: Krishna University Vice-chancellor S Rama Krishna Rao said on Monday there is a possibility of getting positive results of demonetisation in the long run.
He pointed out though many people suffered due to the impact of demonetisation in India, there were deliberations and discussions all over the country on how to overcome the problems and strengthen the banking system.
HIGHLIGHTS:
- KU V-C S Rama Krishna Rao says demonetisation will fetch returns in long run though so many suffered due to it across the country
- Claims note ban triggered a debate on how to strengthen banking system which was a positive outcome
- However, Professor K Nageshwar describes it as a ‘disastrous move’ since it caused a lot of pain to common man and failed to unearth black money
- Terms cashless transactions as a threat to India
The Vice-chancellor addressed the National seminar conducted on “India’s Demonetisation Policy, Prospects and Challenges” at AGST College in Vuyyuru, Krishna district. Eminent professors, lecturers, students participated in the seminar.
He said the Prime Minister Narendra Modi had taken a bold decision but the government could have taken steps to avert the problems being faced by crores of people in the country. The vice-chancellor appreciated the organisers for conducting the seminar in Vuyyuru and suggested them to publish a book on the suggestions and ideas given by eminent professors and experts on economy.
However, Professor K Nageshwar, Editor of The Hans India, said cash was not scrapped but only notes were exchanged due to note ban. He said black money is with the big corporate people and pointed out there is no use of scrapping high-value notes without unearthing black money in the country.
He asked what is the use of demonetisation without keeping a check on machinery used for printing fake notes and observed that total economy of India was shattered due to the scrapping of notes with aim of unearthing fake notes which were valued at mere Rs 400 crore.
Referring to cashless transactions, the professor said cashless transactions were impossible in India. He felt poor and weaker sections would be marginalized in the country with the implementation of cashless transactions and also felt cashless economy is also threat to India. He said most of the black money in India is parked in real estate, gold and jewellery business and Union government should look at these sectors to unearth black money.
He said he would vote for PM Modi if he successfully unearths black money in India and informed that the black money is in the circulation of hawala trade, exports and imports. Seminar director G Veerraju, former MLC K Lakshmana Rao, college Convenor T Srihari Rao, KCP CEO K Venkateswara Rao and other professors spoke on the occasion.
