N Chandrababu Naidu suggested that only Rs 100 and Rs 200 notes should remain to combat corruption.
Andhra Pradesh Chief Minister N Chandrababu Naidu on Monday suggested that the Central government should scrap high-denomination currency notes of Rs 500 and Rs 2,000, according to reports by Odisha Bytes and India Today.
Naidu argued that removing these high-value notes could help disrupt corruption and simplify the processes of eradicating poverty and creating wealth. He stated that he had previously provided inputs for a digital currency report and has raised the matter with Prime Minister Narendra Modi.
The Chief Minister said, "Currency denominations of Rs 500, Rs 1,000 and Rs 2,000 should be scrapped. Only Rs 100 and Rs 200 notes should remain."
His remarks follow the 10th anniversary of the 2016 demonetisation move, when the government withdrew Rs 500 and Rs 1,000 notes to curb black money and counterfeit currency. While the Reserve Bank of India (RBI) withdrew Rs 2,000 notes from circulation on May 19, 2023, they remain legal tender.
Naidu also addressed electoral politics, stating that the NDA has started a trend to limit cash distribution during elections. He said that reducing election spending would prevent leaders from trying to recover costs after taking office, allowing them to focus on public service.
