KCR discusses demonetisation with PM Modi

Telangana Chief Minister K. Chandrashekhar Rao on Thursday spoke with Prime Minister Narendra Modi on the situation post the Centre's move to demonetise high-value currency notes.

Prime Minister Modi has asked Chandrashekhar Rao to prepare a blue print on the measures to be taken to mitigate the difficulties of the people post demonetisation.

Prime Minister Modi is expected to hold a meeting with the Chief Minister on Saturday.

Earlier in the day, Chandrashekhar Rao reviewed the impact of demonetisation on the state's revenue with senior Secretaries, Principal Secretaries and Chief Secretaries at his camp office.

Addressing a gathering, Chandrashekhar Rao said if demonetisation will help clean up the country's economy it should be welcomed.

"Any reform is a continuous process and it should be aimed at excellence. When thinkers and intellectuals together embark on a purpose it would be nothing but success. However, any decision taken by the Centre to curb and prevent Black money, should not cause misery and suffering to the lakhs of small traders, and those in the unorganised sectors as well as the common man," Chandrashekhar Rao said.

"Efforts should be put in place to safe guard the interests of these sections in the society. The people should be made partners and stakeholders in the development," he added.

The Chief Minister opined that all those having Rs 2.5 lakh cash as income or having savings should not be treated as black money. Instead it should be referred to as unaccounted money. These small and medium traders, businessmen and others in the unorganised sectors should be given certain exemptions.