We don't need Rs 2,000 and Rs 500 currency notes: Chandrababu

“We don’t need Rs 2,000 and Rs 500 currency notes. Small (denomination) notes (Rs 200 and Rs 100) are enough. We have to go for online transactions in a big way so that ultimately corruption is rooted out,” AP CM Chandrababu Naidu said on Friday.

He opined that Rs 2,000 and Rs 500 currency notes are not needed, though he stopped short of demanding their abolition.

He further said that their absence will bring down “distribution of money during elections”.

Chandrababu had welcomed the announcement by Prime Minister Narendra Modi on November 8 last year to demonetise Rs 1,000 and Rs 500 notes but expressed reservations over the introduction of Rs 2,000 notes.

“If there are no Rs 2,000 and Rs 500 notes, distribution of money in elections will come down. And, by encouraging online transactions, corruption can be rooted out,” he said.