Cashless economy: Panel of Chief Ministers to suggest ways


chandrababu-naidu_11480326996The Centre on November 27 decided that a panel of Chief Ministers will suggest ways to move to a cashless economy in a bid to ease the situation caused by the cash chaos following demonetisation.

Prime Minister Narendra Modi chose Andhra Pradesh Chief Minister Chandrababu Naidu to head the committee.

The government’s initiative is seen as a move to soften the Opposition’s attack against the notes ban.

Among those invited to be a part of the committee include Bihar Chief Minister Nitish Kumar, who has supported the Centre’s demonetisation move, Tripura CM Manik Sarkar of the Left, Puducherry CM V Narayanaswamy, Odisha CM Naveen Patnaik and Madhya Pradesh CM Shivraj Singh Chouhan.

It may be noted Naidu, whose Telugu Desam Party is part of the National Democratic Alliance, had favoured a ban on high value currency for quite some time to check corruption.

The Opposition criticised the government for making the life of common man difficult, while former premier Manmohan Singh had called demonetisation a monumental failure.

With two weeks of the winter session having been wasted and one more week remaining, the Opposition parties demanded Prime Minister Narendra Modi to speak on how demonetisation was implemented and why. The Opposition parties, all except Left Front, had organised Jan Aakrosh Diwas on November 26 to protest demonetisation.

Meanwhile, the Reserve Bank of India (RBI) on November 27 extended the withdrawal limit of cash from bank deposit accounts by some more days.

In view of the present limit on cash withdrawals from bank accounts, the move is to encourage account holders to deposit more money into bank accounts.

Earlier, the RBI stated that banks across the country received Rs 8.45 lakh crore during November 10 and November 27.