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Rs 2,000, Rs 500 notes should be withdrawn over time: Ex-Revenue Secretary

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New Rs 2000 Rs 500 notes, former Union Revenue Secretary, M.R. Sivaraman, ex- revenue sectary, Sivaraman demonetization, cash-to-GDP ratio

New Rs 500 and Rs 2000

Chennai: The Centre should withdraw the new Rs 2,000 and Rs 500 notes over a period of time to cut down on cash in the economy, according to former Union Revenue Secretary, M.R. Sivaraman. “The cash-to-GDP ratio of 13 per cent is certainly not right. All these years nobody said anything against the RBI on the cash economy in the country,” Sivaraman, who also served as Executive Director of the IMF, told IANS here.

Sivaraman said the central government should make it clear that the new higher denomination notes of Rs 2,000 and Rs 500 would be withdrawn, aimed at bringing the cash-to-GDP ratio to 7 per cent in three years. Agreeing that there has been a failure in the smooth implementation of the demonetisation of 500/1,000-rupee notes, Sivaraman said at least now the Centre should take some proactive and open steps and take state governments into confidence.

According to him, all payments by and to the central government should be by way of cheque or other means and not by cash. Similarly all public sector undertakings should go cashless. “Supply of cash to rural areas should be increased while cash supply in urban areas should be contracted. People in urban areas have alternate modes for financial transactions like credit/debit cards, mobile payments and others,” Sivaraman said.

“The government should tell people that it is working towards the cash-to-GDP ratio of seven per cent. The people should also be informed that the new 500- and 2,000-rupee notes would be withdrawn and only 100-rupee note and other lower denomination would exist,” Sivaraman said. According to him, the plan of action should be made known to the public.

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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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