He said if the government had given prior information about the scheme, then people would have “taken care” of their ill-gotten money.
“If you had forewarned the people, you know what would have happened. Everybody would have taken care of it (black money),” he said.
On the delay in supply of notes, he said that it takes time to print currency and then supply it to various bank branches across the country.
“The printing of currency takes time. RBI has explained to us that the printing process takes 21 days and then transporting currency notes from the place of printing to local branches of banks takes time,” he said.
Naidu said Prime Minister Narendra Modi has also asked the army to provide helicopters and whatever is required to airlift the money to the places witnessing shortage of notes, besides utilising banking correspondents as well as the services of post offices.
Noting that there are 82,000 bank branches in the country and 2 lakh ATMs, he said the ATMS have to recalibrated with weight, size and denomination which is “being done”.
Naidu said that “ultimately” common man of the country will benefit from the move that will bring “more than Rs three lakh crore” to the government.
“Thereby interest rates will be reduced, prices will be reduced, spending on the poorer will also increase, fiscal deficit will come down considerably,” he said.
(Sourced from agencies, feature image courtesy:oneindia.com)
