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Jagan Mohan Reddy presents memo to Governor on cash crisis

Tuesday, December 20, 2016
Hyderabad

YSRCP president and leader of the Opposition in the AP Legislative Assembly Y.S.Jagan Mohan Reddy met the Governor E.S.L.Narasimhan on Tuesday and urged him to use his good offices to impress upon the RBI to take steps to immediately release the required currency to the State.

Jagan sought the intervention of the Governor that the Chief Minister Chandrababu Naidu who was a party to the decision on demonetization was not pressing the Centre for immediate release of the currency required for the State for the best reasons known to him. He said that according to report, a total of Rs.60,000 crore of demonetized currency had been deposited in various banks in the State but the RBI had till date replenished Rs.14,740 crore which was not all sufficient to meet the requirements of people. He outlined the difficulties faced by the common man in obtaining money and any reform process like migration from 90 per cent cash based economy to cent per cent digital transactions involving such huge proportions would take time.


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