Economy

Demonetisation not one-off solution, but changed black money agenda: Arun Jaitley

Demonetisation not one-off solution, but changed black money agenda: Arun Jaitley”

On the criticism that note ban has impacted growth, Jaitley said: "If you don't have the capacity or courage or broad shoulders to undertake those structural reforms, then of course, that status quo would have continued. During the UPA (tenure), there was policy paralysis, while structural reforms have been initiated during NDA", Jaitley added.

The Finance Minister said that overall, demonetisation has created a "cleaner, transparent and honest financial system".

Besides the move to brand the Opposition as a supporter of black money and corruption, the ruling party plans to showcase a range of achievements - from curbing terrorism in Jammu and Kashmir and naxalism elsewhere to targeting human trafficking and flesh trade, besides curbing black money and converting India's economy from informal to formal. "The reduction in currency in circulation from the base scenario reflects that this intended objective has been met".

During September, Rs 1.24 lakh crore worth of transactions were done through the digital mode. The tax administration and other enforcement agencies, he said, were using big data analytics to crack down on suspicious transactions. The number of transactions was 87.7 crore.

New Delhi- In a tweet Finance Ministry said, the total currency in circulation has come down to nearly 15 lakh crore rupees as of 4th August from around 18 lakh crores.Only 83 per cent is the effective currency in circulation today with remonetisation. It also helped to identify the shell companies easily, he added.

He also said that managements of banks should focus on welfare of their employees.

Also, SEBI had introduced a Graded Surveillance Measure at stock exchanges.The Finance Minister said demonetisation appeared to have led to acceleration in financialization of savings.

The non-BJP opposition parties are Indian National Congress, Nationalist Congress Party, Manipur units of Aam Aadmi Party, All India Forward Block, Bharatiya Samata Party, Communist Party of India, Communist Party of Marxist, All India Trinamool Congress, Janata Dal-Secular and Revolutionary Secular Party.



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