Use post-demonetization money flow into banks for welfare of weak: Venkaiah Naidu

Vice President Venkaiah Naidu today said the money that has come back into the banking system post demonetization should be used for the welfare of the weaker sections of the society.

He wondered as to why people are critical of 99 per cent of the higher currency cash in circulation coming back into the system after the government on November 9 last year scrapped Rs 500 and Rs 1,000 notes.
“Isn’t it good that the money has returned to banks… instead of being found in the bedroom, bathroom, under the pillow, the money reached banks. It is a matter of happiness. “I am surprised that some people are criticising, I don’t understand why (they are criticising). The money has reached banks but it should now reach the weaker sections of the society and the government has accorded priority to this,” Naidu said while addressing the SC/ST Hub Confluence.

The Vice President said there exists a “misconception” that the poor do not repay loans. He observed that only the rich have evaded taxes, in an apparent reference to the likes of beleaguered businessman Vijay Mallya. “There is a misconception that if you give loan, credit to the poor they will not pay, it is …read more