Chandrababu Naidu Calls for Ban on ₹500 Notes, Pushes for Currency Reform to End Corruption
In a bold call for financial reform, Andhra Pradesh Chief Minister N Chandrababu Naidu has advocated for the discontinuation of high-denomination currency notes in an effort to curb corruption. Speaking in an exclusive interview with India Today TV’s Consulting Editor Rajdeep Sardesai, Naidu stated that “all big currencies should be abolished,” including the widely circulated ₹500 note.
“Only currency notes under ₹100 and ₹200 should be there. Not even ₹500 notes should be continued,” Naidu asserted. He believes that eliminating larger denominations would play a crucial role in eradicating corruption and black money, issues that have long plagued the Indian economy.
“All big currencies should be abolished. Only then can we eradicate corruption,” he said, reinforcing his view that cash-based corruption thrives on high-value currency notes.
Naidu’s remarks come nearly a decade after the Indian government’s historic demonetisation move in November 2016. Under Prime Minister Narendra Modi’s leadership, the central government banned the use of old ₹500 and ₹1,000 notes, aiming to eliminate black money, counter fake currency circulation, and promote digital transactions. Naidu, who was a prominent supporter of the demonetisation move at the time, continues to stress the need for strict currency regulations as a means of cleansing the economy.
In addition to discussing monetary reforms, Naidu also addressed the rising debate around the “freebie culture” prevalent in Indian politics. He rejected the term “freebie” as inappropriate, instead calling for a more structured and purposeful approach to welfare.
“Not freebie, that is not the correct word,” Naidu explained. “Earlier there was not much welfare. NTR [former CM NT Rama Rao] announced several benefits… that’s how welfare started. Now wealth is being created… but at the same time haves and have-nots, that gap is widening day by day.”
He emphasized the importance of responsible governance and equitable development, stating, “Welfare should be meaningful and delivery should be efficient.”
The Andhra Pradesh Chief Minister’s comments reflect his long-standing position as a proponent of financial transparency, good governance, and effective public service delivery. His latest stance on currency reform is likely to reignite debate over whether India needs to further tighten its cash economy in the digital age.
With corruption remaining a key electoral and governance issue, Naidu’s call to scrap even ₹500 notes is expected to draw both support and scrutiny across the political spectrum, especially as the nation prepares for upcoming financial and legislative challenges.
IT.
