PANAJI:
Addressing a press conference in Panaji on Thursday, the party’s national leader informed that it would be “no point” if the country returned to the situation it was before November 8, the day the Prime Minister announced demonetisation of high value notes.
“The idea is to move to a cashless economy. RuPay transactions have doubled; card transactions have gone up manifold. Cash to GDP ratio in this country was as high as 14 per cent which is not good when compared to some developed economies which is at 4 per cent,” Rao said.
“It was never the intention of the government to replace the entire `14.5 lakh crore which was in circulation in the form of high value notes. Even by December 31, that amount will not be replaced in the market,” he said, adding that the idea was to reduce the cash to GDP ratio.
He insisted that the move of the government continues to remain popular as was witnessed in the fact that BJP has been successful in by-elections held in various states recently.
