Visakhapatnam: Demonetisation was started with lofty objectives and implemented for the benefit of the people, Visakhapatnam MP Kambhampati Haribabu has said.
Addressing a conference on `Demonetisation and its impact’ organised by the local chapter of the Indian Institute of Public Administration at Andhra University here on Thursday, he said less-cash society instead of cashless society was the need of the hour and stated that though there were some problems faced by the people during the demonetisation time, it would ultimately benefit the people.
Former member of AP State Finance Commission, Prof. R. Sudarsana Rao, said that though the policy was good, the implementation was not in tune with the policy, resulting in decrease in the GDP rate. Also, the informal sector was the worst affected due to demonetisation, he added.
Retired General Manager of State Bank of India K. Nageswara Rao opined that in spite of the noted objectives, there were problems faced by the people due to lack of understanding of the demonetisation system.
During DeMo, money flowed into the banks, he noted, and felt that the people should understand the system of banking transactions in the wake of demonetisation.
Chartered Accountant Chandrasekhar Veeraghanta taxes increased in many ways throwing the burden on the people in the wake of demonetisation.
Though the objectives were good, they should reach the common man, he felt.
Chairman of IIPA chapter Prof. EA Narayana presided.