Hyderabad: Andhra Pradesh Chief Minister Chandrababu Naidu has advocated abolition of higher-denomination currency notes currently in circulation, as well as full adoption of digital currency in what he prescribed as the silver bullet to curb corruption in all walks of life, mainly politics.
Delivering his inaugural speech Tuesday at Telugu Desam Party (TDP) Mahanadu, the party’s annual three-day mega convention, at Kadapa, Naidu said that after demonetization of Rs 500 and Rs 1000 notes in 2016 he had suggested to Prime Minister Narendra Modi to introduce digital currency in the country.
Naidu, an NDA partner even at the time, headed a committee of chief ministers, experts and other stakeholders formed by the Centre, under the NITI Aayog aegis, to come up with an action plan for the country’s quick transition to a currency-less economy.
“After submitting our report, I requested the PM that the Rs 2,000 notes introduced later, along with Rs 500 etc. big notes should be banned, and digital currency should be introduced which will help trace illegal transactions and catch the corrupt easily,” Naidu said.
Stating that true public service requires clean governance, he stressed banning higher-denomination notes as the only way to eliminate corruption.
“Today from this platform, I am reiterating the demand. We have the digital currency facility now, so no need for Rs 500, 1000, 2000-like notes anymore. Politics should not involve distribution of currency notes,” Naidu said, asking his party workers to clap, cheer in support of his demand—if they agreed with him. Satisfied with the response, Naidu declared, “then only can we root out corruption from our country. We will work on this.”
Acknowledging how everyone now-a-days has become tech savvy, the TDP supremo said all donations to the party can now be made directly, digitally through phone-based bank transfers.
Naidu has been demanding abolition of higher-currency notes alongside faster transition to digital payments for some time now.
In January 2017, the panel headed by him submitted its interim report, reportedly endorsing abolition of the Merchant Discount Rate (MDR) charges to incentivise digital transactions, suggesting curbs on large transactions and levy of banking cash transaction tax on Rs 50,000 and above, among other such recommendations.
“I was the first to demand abolition of Rs 1,000 and Rs 500 notes. Now Rs 2,000 and Rs 500 notes are brought in but they too should be scrapped,” Naidu said in May 2017 in the light of a hawala racket busted by Visakhapatnam police then.
Later, in 2017, Naidu said the Reserve Bank of India (RBI) was “spending huge sums on printing physical currency, transporting and securing it”.
Speaking at an event, he also complained that the central bank was replacing old notes with newer ones in spite of greater emphasis sought to be laid on digital payments after demonetisation.
Naidu parted ways with the NDA in March 2018.
The RBI announced withdrawal of the Rs 2000 notes in May, 2023.
In his Mahanadu speech, Naidu claimed TDP has been “uncompromising in its fight against corruption”.
“The belief that people ignore political corruption is a myth. TDP has waged a tireless, apolitical battle against corruption for four decades, from the 1984 Democracy Protection Movement to challenging recent regimes. In the united state, TDP exposed scams worth lakhs of crores and was vindicated by agencies like the CBI,” Naidu said, in apparent reference to the disproportionate assets case against YSRCP chief Jagan Mohan Reddy.
He added, “That is our credibility. We fought corruption with facts—from Outer Ring Road and VANPIC scams to Obulapuram illegal mining. The movement we launched against illegal mining in Obulapuram once created a nationwide stir. Today, after a decade, courts have confirmed the irregularities and delivered convictions. The results of our relentless struggle are now visible to the entire nation,” said Naidu.
In May first week, a Central Bureau of Investigation (CBI) court at Hyderabad gave a seven-year imprisonment sentence to four accused, including Karnataka BJP MLA Gali Janardan Reddy, in the case of illegal mining in Anantapuram district by Obulapuram Mining Corporation (OMC). The case was registered by the central probe agency around 16 years back.
He also said his party has been instrumental in shaping national policy. With TDP’s 16 Lok Sabha MPs, Naidu’s support is crucial for NDA.
“The phrase, ‘What Andhra thinks today, India thinks tomorrow’ has been proven many times. We introduced power reforms, public-private partnerships, and administrative accountability—pioneering governance models in India,” he said.
Adding, “TDP is one of the most institutionally strong parties in the country. As a regional party, it is the only one to achieve 1 crore memberships in 45 days.”
(Edited by Amrtansh Arora)
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