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FM Arun Jaitley lists out significance of demonetisation

FM Arun Jaitley lists out significance of demonetisation”

A day before demonetisation completes a year since it was announced by Prime Minister Narendra Modi in a televised address on November 8 last year, Finance Minister Arun Jaitley today said that note ban pushed for greater tax compliance and greater digitalisation.

"Excessive dependence on cash has its cost".

Jaitley, who inaugurated the new Punjab National Bank (PNB) head office building in Delhi, said that a healthy banking system is essential for any economy to develop, as it supports growth.

Mounting a powerful defence of the demonetisation measure created to curb black money, Finance Minister Arun Jaitley on Tuesday said that as a disruptor of the status quo ante the note ban, along with other measures taken, has set in motion a process of changing the manner in which India spends money. FM Arun Jaitley added that NDA government has succeeded in bringing to centre-stage, the manner in which financial transactions in India should be carried out.

Meanwhile, former Prime Minister Manmohan Singh described demonetisation as a reckless step and claimed that the Narendra Modi government has not achieved any of its objectives with the move to ban old Rs500 and Rs1,000 currency notes previous year.



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