Telangana CM K Chandrasekhar Rao made it clear survival is only possible if gone cashless after the launch of demonetization. He welcomed demonetization
KCR declares "TS Wallet" scheme will be introduced all over Telangana to encourage cashless transactions. He said a cap of Rs 500 was imposed on cash transactions and anything above that should be made through debit/credit cards, cheques, etc., He also pledged to make Siddipet 100 percent cashless within a month or two.
The TRS Supremo claims to have appealed PM Narendra Modi to focus on Black Money in the form of Jewellery, Shares, Foreign Currency, etc., He hints Centre might scrap Rs 2,000 notes anytime soon.
Interestingly, KCR wants PM Modi to scrap Income Tax after India transformation into a cashless transaction country. He, however, isnt pleased about receiving only Rs 12,500 crore new currency from RBI though Rs 35,000 crore was deposited since Nov 10th. He also reveals Rs 75,000 crore of Rs 500 and Rs 1000 denominations is in circulation in Telangana until Nov 8th. He says Telangana lost Rs 1,500 crore in November and may lose another Rs 7,500 crore in the next four months due to demonetization.
TRS Government constituted a 5-member Task Force comprising of IAS Officers to suggest measures for making Telangana a cashless transaction state.