Hyderabad Dec 11 : TDP MP Rayapati Sambasiva Rao opined against the demonetization move made by Prime Minister Narendra Modi.
Banning the higher denomination notes is a remark on Prime Minister Narendra modi and Chandrababu was called in as Convenor of Chief Minister's Committee only for damage control.
Rayapati here said that, while he is in favour of scrapping the Rs 500 and Rs 1000 notes, the implementation has caused a crisis in the country and even after a month, the Centre has failed to replace the higher denomination notes.
Rayapati stated that TDP is now being blamed for backing the move adding that the plight of public does not seem to reduce due to the cash crunch situation
He further said that the backdoor bank transactions are in progress since November 10th and few have been able to convert their black money into new currency or gold.