KCR welcomes Modi's demonetization, says it would eradicate black money in country

Hyderabad: Telangana Chief Minister K Chandrasekhar Rao on Monday described demonetisation as a "welcome step" but added the endeavour of the Centre should eventually lead to "total revolution" in eradicating black money and corruption in the country.

He also announced certain measures for the state to cope with the situation arising out of the November 8 ban on high-value notes, which has led to cash crunch.

"If black money is to be eliminated in the country, we should move towards complete revolution. There should not be even a naya paisa of black money in the country. Whichever form black money is in, whether in the form of land, diamonds, gold, silver, foreign currency, share market, where ever it is, it should be dismantled completely.

"Then only total revolution can come in the country. When Prime Minister (Narendra Modi) takes a step in that direction, Telangana state and especially the Telangana Government would fully support him," he told reporters here after a meeting of the Cabinet.

He favoured a "clean-up" of political system with state funding of political parties so that corruption in elections can be rooted out.

"I advised the Prime Minister, political system should also be cleaned up in toto. Party accounts and the funding of elections should be done by the state. Government of India shall fund the election campaign. I also advised him to change the mode of campaign, which I did in GHMC (Hyderabad civic body) elections. My party (the TRS) went on to the streets, but I never went.

"I just addressed a public meeting. It should be like that. With expansion of TV, it is in every house. It can be e-campaign also," Rao said.

"Vulgar expenditure in parties shall go (after state funding of polls). It shall go. It shall be killed. In the process of clean-up, whole political system shall be cleaned up by the Government of India by way of bringing in very tight (electoral) reforms."

Rao said he submitted a set of suggestions to Modi during his recent meetings with him on measures to be taken for smooth implementation of note ban, particularly keeping in view the inconvenience being caused to common people.

Rao announced the State IT Department would bring in a `TS-Wallet', a mobile application, towards encouraging people to take up cashless transactions.

The proposed `TS-Wallet' can be used for private transactions not just Government-related transactions.

The government would open bank accounts for those who do not have one and promote cashless transactions to move towards the Centre's objective of heralding a cashless economy, he said.