Demonetization of High Denomination Currency Notes ... Impact on the State Economy : CM KCR Statement in TS Legislative Assembly

Demonetization of High Denomination Currency Notes

Impact on the State Economy

CM KCR Statement in TS Legislative Assembly

16^th December 2016

For realizing the objective of eliminating the increase in black money, preventing the use of counterfeit currency, total elimination of political corruption, total cleansing of the political system, tackling terrorism and extremism and thereby building a corruption free India, the Honorable Prime Minister of India, Sri Narendra Modi had announced on 8^th November that the 500 rupee and 1000 rupee notes in circulation would no longer be legal tender.  He requested people of the country to deposit the old 500 and 1000 rupee notes in their bank accounts before the closing of banking hours on 30^th December, 2016 without any limit.

The Government of Telangana whole heartedly supports this measure taken in the interests of the nation.  At the same time, the Government of Telangana is of the view that the Union Government should initiate many more steps towards elimination of all forms of black money.  The Government of Telangana also suggests that besides currency notes, black money held in the form of diamonds, gold, shares and foreign currency and the black money generation through crony capitalism and flow of black money into the country through money laundering from British Virgin Islands, Mauritius, Singapore should be regulated effectively.  The Government of Telangana is of the firm belief that these efforts to eliminate black money should continue till the goal of complete transformation of the nation is realized.

Keeping in view the difficulties and inconvenience faced by the people following the implementation of this measure, the State Government is constantly holding discussions with the Central Government and the Reserve Bank of India (RBI). The State Government is also suggesting remedial measures from time-to-time.  As the Chief Minister of the State, I have personally met the Honorable Prime Minister Sri Narendra Modi on 19^th November in Delhi and explained to him the difficulties being faced by the people of the State.  I also suggested remedial measures to be taken to minimize the hardship to people.  In continuation of this, the then Chief Secretary to Government, Sri Rajiv Sharma has written a letter to the Governor, Reserve Bank of India on 22^nd November and followed it up with another letter on 26^th November.  In these letters he requested the Governor to supply about Rs.5, 000 crore in currency notes of small denomination for meeting the requirement of the State.  In response, the officials of the Reserve Bank of India have indicated to the Chief Secretary on 15^th December that cash for meeting requirements of the people of the State will be supplied. In his letter to the Reserve Bank officials on 21^st November, Telangana State Principal Finance Secretary Sri K. Ramakrishna Rao has pointed out a number of lapses in sending currency notes for meeting the requirements of the State.  Difficulties being faced in disbursing Aasara Pensions have also been explained.  In addition, he explained the adverse impact of the measure on farmers, small traders and daily wage earners.  He requested that Rs.5, 000 crore may immediately be supplied to the State in the form of Rs.500 and Rs.100 currency notes.  On the same issue, the State Government’s new Chief Secretary, Sri Pradeep Chandra in a letter dated 8^th December, has brought to the notice of RBI that sufficient money is not being kept in the ATMs. 

The Telangana State Finance Minister has also strongly expressed the necessity of supplying sufficient currency notes of small denomination while attending the two meetings of the GST Council.  The request of the State Municipal Administration Minister for accepting old currency notes for the payment of bills has been favorably considered and the Central Government has permitted payment of bills through old currency notes. The Central Government has also taken into account the request for extending the time limit for such payments.  As per the information furnished by the RBI, an amount of Rs.19, 109 crore cash has been supplied to the State.  All over the State, the amount deposited by people in banks is Rs.57, 479 crore.  Understanding the problems of the people on humanitarian grounds, the State Government has requested the banks to provide separate queue lines for women and the aged.

The Government is closely monitoring the situation arising from the demonetization of high value currency notes and has put in place appropriate measures to ensure that the economy of the State does not get derailed.  Immediate steps have been taken to encourage cashless transactions.  The assessments made by the Central Government institutions indicate that Telangana State stands first in the country in the number of cashless transactions.  On a pilot basis, the State Government is making all out efforts to make Siddipet Assembly Constituency cashless.  Already, Ibrahimpur village of this constituency has been converted into a cashless village.  In the recently held Collectors’ Conference, the steps required to be taken towards promoting cashless transactions have been discussed in detail.  The Collectors have indicated that efforts are being made to make a few villages in each district cashless within a short period of time.

The State Government has constituted a Cabinet Sub-Committee to recommend policy measures with regard to cashless transactions.  To speedup implementation, a Task Force has been specially formed. The State Government will shortly launch TS Wallet in a manner which will provide confidence to people in cashless transactions.  The Government is taking all necessary measures for promoting cashless transactions in the State.

Arun Wat and Wat Pho in Bangkok: Vanam Jwala Narasimha Rao

Arun Wat and Wat Pho in Bangkok

Vanam Jwala Narasimha Rao

While we are in Singapore and after visiting Siem Reap in Cambodia, we planned to visit Bangkok-the capital city of Thailand. Accordingly we reached Bangkok’s international Airport Suvarnabhumi from Singapore by Tiger Airlines on 8^th September 2012. Suvarnabhumi Airport also known as (New) Bangkok International Airport, is one of two international airports serving Bangkok, Thailand. The airport building was designed by Helmut John of Murphy, John Architects. Suvarnabhumi is the sixth busiest airport in Asia. Its main terminal roof is designed with structural elements and bays placed in a cantilevered wavelike form to appear to “float” over the concourse beneath. At the entrance a huge scene portraying churning of sea-the Samudra Madhanam-by Gods and Demons as described in Hindu Mythology. The Visa requirement for Indians going to Thailand is obtaining at the Airport on Arrival. We could complete that formality in about ten minutes.

 Suvarnabhumi International Airport

From Airport we reached Hotel “Anantara Bangkok Riverside Resort” by car. The roads are wide and full of traffic. Almost all the roads are named after Thailand King Rama as Rama-I Road or Rama-II Road and so on. Names of many streets resemble Sanskrit words with Thai accent. Set on the banks of the grand Chao Phraya River, Anantara Bangkok Riverside Resort is a thriving oasis offering a unique way to experience the City of Angels. Majestic palms swaying in the breeze are the highlight of this hotel. 

 Bangkok Roads

Kingdom of Thailand, formerly known as Siam, is at the centre of the Indochina in Southeast Asia. Its sea boundaries include India in the Andaman Sea to the southwest. The country is headed by King Rama IX, the ninth king who, having reigned since 1946 is the world's longest-serving head of state and the longest-reigning monarch in Thai history. Thailand has around 64 million people. The capital and largest city is Bangkok, which is Thailand's political, commercial, industrial and cultural hub. Similar to other regions in Southeast Asia, Thailand was heavily influenced by the culture and religions of India. In 1932, a bloodless revolution forced King Prajadhipok to grant the people of Siam their first constitution, thereby ending centuries of absolute monarchy.  

Bullock Cart of 50 year old at Anantara Hotel

             

During World War II, Japan invaded the country and engaged the Thai Army for six to eight hours. Shortly thereafter, Thailand and Japan signed a military alliance. Subsequently, Thailand declared war on the United States and the United Kingdom and undertook to 'assist' Japan in its war against the Allies. After the war, Thailand emerged as an ally of the United States. As with many of the developing nations during the Cold War, Thailand then went through decades of political instability characterized by coups as one military regime replaced another, but eventually progressed towards a stable prosperity and democracy in the 1980s. The politics of Thailand is currently conducted within the framework of a constitutional monarchy, whereby the Prime Minister is the head of government and a hereditary monarch is head of state. The judiciary is independent of the executive and the legislative branches. 

Boating to Arun Wat Temple in Chao Phraya River

The 1997 Constitution was the first constitution to be drafted by popularly elected Constitutional Drafting Assembly, and was popularly called the "People's Constitution". Following the first general election under the 1997 Constitution held in January 2001, the Government that was formed, was the first in Thai history to complete a four-year term. After the next election held in 2005, a military junta overthrew the interim government of Thaksin Shinawatra on 19 September 2006, declared martial law, and appointed one of the king's Privy Counselors, General Surayud Chulanont, as the Prime Minister. Later, for the next five-six years there were change of governments. Finally on 3 July 2011, the oppositional Pheu Thai Party led by Yingluck Shinawatra (the youngest sister of Thaksin Shinawatra) won the general election by a landslide. They could form a coalition government presided over by Yingluck-the present one in power.

 Arun Wat Temple from a distance

Bangkok is the capital city of and largest urban area in Thailand. It is known in Thai as "city of angels". Bangkok is by far the most densely populated city in Thailand with about 12 million people. Bangkok was a small trading post near the mouth of the Chao Phraya River during the Ayutthaya Kingdom in the 15th century. It eventually grew in size and became the site of two capital cities: Thonburi in 1768 and Rattanakosin in 1782. Due to its strategic location in Southeast Asia, Siam (later Thailand) acted as a buffer-state between French and British colonial powers. Bangkok gained a reputation as an independent, dynamic, and influential city. Today, Bangkok is not only the political, social, and economic centre of Thailand, but plays a leading role in trade, commerce, culture, the arts, education, healthcare and transport for the Indochina region.

 In front of laughing Buddha in Arun Wat

            The historic Grand Palace, Wat Arun, and Temple of the Reclining Buddha, in addition Khaosan Road and Soi Cowboy, are major tourist destinations in the capital. In combination with being the major gateway to Laos, Burma, and Cambodia, it is second only to London in the number of visits a year. Two international airports serve the capital Suvarnabhumi Airport and Don Mueang International Airport. 

 In front of Arun Wat Central Prang

The history of Bangkok dates at least to the early fifteenth century, when it was under the rule of Ayutthaya. The ceremonial name of Bangkok uses two ancient Indian languages, Pali and Sanskrit. It is pronounced as "Krung-dEvamahAnagara amararatanakosindra mahindrAyudhyA mahAtilakabhava navaratanarAjadhAnI purIramya uttamarAjanivEsana mahAsthAna amaravimAna avatArasthitya shakrasdattiya vishnukarmaprasiddhi". The English version of its lengthy name in Thai reads like: "The city of angels, the great city, the eternal jewel city, the impregnable city of God Indra, the grand capital of the world endowed with nine precious gems, the happy city, abounding in an enormous Royal Palace that resembles the heavenly abode where reigns the reincarnated god, a city given by Indra and built by Vishnu karma". Thai school children are taught the full name, although few can explain its meaning. The full name of the city is listed by Guinness Book of Records as the world's longest place name.

 Steep stairs to reach the top of Arun Wat

On the first day we hired a boat and visited the Arun Wat Temple. Wat Arun Rajwararam-"Temple of the Dawn" is a Buddhist temple (wat) on the west bank of the Chao Phraya River. Named after Aruna, the Indian God of Dawn, the Wat Arun is considered one of the most well known of Thailand's many landmarks. The temple is so named because the first light of the morning reflects off the surface of the temple with shining iridescence (having rainbow colors that appear to move and change as the angel at which they are seen changes). The main feature of Wat Arun is its central "prang" which are covered with colorful porcelain. A prang is a tall tower-like spire, usually richly carved. They were a common shrine element of Hindu and Buddhist architecture in the Khmer Empire. They were later adapted by Buddhist builders in Thailand, especially during the Ayutthaya Kingdom. This is interpreted as a stupa-like pagoda. In Thailand it appears only with the most important Buddhist temples. The height is reported by different sources as between 219-282 feet. The corners are surrounded by four smaller satellite prangs. The prangs are decorated by seashells and bits of porcelain. The presiding Buddha image, cast in the reign of Rama II, is said to have been moulded by the king himself. The ashes of King Rama II are buried in the base of the image. The towers are supported by rows of demons and monkeys. Very steep and narrow steps lead to a balcony high on the central tower. The circumference of the base of the structure is 234 meters, and the central prang is 250 foot high. 

 Arun Wat with Trident seen on top

The central prang is topped with a seven-pronged trident, referred to by many sources as the "Trident of Shiva". A trishula, is a type of Indian trident but also found in Southeast Asia. It is commonly used as a Hindu-Buddhist religious symbol. The word means "three spear" in Sanskrit and Pali. Around the base of the prangs are various figures of ancient Chinese soldiers and animals. Over the second terrace are four statues of the Hindu god Indra riding on Erawan. In the Buddhist iconography, the central prang is considered to have three symbolic levels - base for "Traiphum" indicating all realms of existence, middle for "Tavatimsa" where all desires are gratified and top denoting "Devaphum" indicating six heavens within seven realms of happiness. 

 Wat Pho Pagoda

Next day morning we visited Wat Pho. Wat Pho is a Buddhist temple located adjacent to the Grand Palace and is also known as the Temple of the Reclining Buddha. The temple is also known as the birthplace of traditional Thai massage. It is a type of massage in Thai style that involves stretching and deep massage. This form of bodywork is usually performed on the floor, and the client wears comfortable clothes that allow for movement. No oils are used in Thai massage

. 

 Number of Buddha Vigrahas at one place

Standing Buddha

 Sitting Buddha

Wat Pho is named after a monastery in India where Buddha is believed to have lived. Adjacent to the building housing the Reclining Buddha is a small raised garden, the centerpiece being a bodhi tree which is propagated from the original tree in India where Buddha sat while awaiting enlightenment. The temple was created as a restoration of an earlier temple on the same site. Wat Pho is one of the largest and oldest wats in Bangkok with an area of 80,000 square meters. It is a home for more than one thousand Buddha images, as well as one of the largest single Buddha images of 160 feet length-the Reclining Buddha. 

The Wat Pho complex consists of two walled compounds bisected by a road running east–west. The northern walled compound is where the reclining Buddha and massage school are found. The southern walled compound is a working Buddhist monastery with monks in residence and a school. Outside the temple, the grounds contain 91 chedis (stupas or mounds), four viharas (halls) and a bot (central shrine). 71 chedis of smaller size contains the ashes of the royal family, and 21 large ones contain the ashes of Buddha. The four chedis are dedicated to the four Chakri kings. The temple has sixteen gates around the complex guarded by Chinese giants carved out of rocks. The outer cloister has images of 400 Buddhas out of the 1200 originally bought by king Rama V. In terms of architecture, these are varied in different styles and postures, but these are evenly mounted on matching gilded pedestals. The main temple is raised in marble platform punctuated by mythological lions in the gateways. The exterior balustrade has around 150 depictions of the epic Ramayana.

 Reclining Buddha

Foot of Reclining Buddha

The image of reclining Buddha is 15 meter high and 43 meter long with his right arm supporting the head with tight curls on two box-pillows of blue, richly encrusted with glass mosaics. The 3 meter high and 4.5 meter long foot of Buddha displays are inlaid with mother-of-pearl. They are divided into 108 arranged panels, displaying the auspicious symbols by which Buddha can be identified like flowers, dancers, white elephants, tigers and altar accessories. Over the statue is a seven tiered umbrella representing the authority of Thailand. There are 108 bronze bowls in the corridor indicating the 108 auspicious characters of Buddha. People drop coins in these bowls as it is believed to bring good fortune, and to help the monks maintain the wat. 

                   We had our lunch that day in an Indian Restaurant.