Taking the noble initiative of PM Narendra Modi to sweep the black money from market by demonetizing high valued currency notes, now Telangana CM KCR supported the cause promising to make Telangana a cashless transaction state very soon. Accordingly, TS Wallet scheme will be introduced soon to encourage cashless transactions. As per this scheme, cash transactions above Rs. 500 will not be allowed and the amounts have to be paid either through debit cards, credit cards or cheques.
‘I would make Siddipet Assembly constituency a 100 per cent cashless transaction constituency in a month or two to gain first-hand experience on measures to be required in switching the state faster to cashless transactions. Abolition of high valued currency notes may not completely check the black money. I appealed Prime Minister to check other black money forms like jewelry, foreign currency, shares etc,’ said KCR.
KCR constituted a five member task force comprised with senior IAS officers to study and recommend the measures in making TS a cashless transaction state. Government had decided to make all transactions in Stamps and Registrations, Excise departments etc only through banks and no cash is accepted. Usage of swiping machines is also encouraged by increasing the current 1 Lakh swiping machines in entire TS by manifold.