Arun Jaitley says 'larger purpose of demonetisation' achieved

WION Web Team
New Delhi, Delhi, India Published: Aug 30, 2018, 07:54 PM(IST)

File photo of Arun Jaitley. Photograph:( Reuters )

Finance Minister Arun Jaitley responded Thursday to Congress President Rahul Gandhi's allegation that demonetisation was a "scam" aimed at helping "Prime Minister Modi's friends"

Like he has been doing for some time, Jaitley responded with a note on Facebook. 

"The Reserve Bank has twice released its reports stating that the demonetised Notes of `500 and `1000 have been substantially deposited in the Banks. A widely stated comment has been that just because most of the currency came back into the Banks, the object of Demonetisation has not succeeded," Jaitley wrote. 

"Was the invalidation of the Non-deposited currency the only object of demonetisation?" he then asked, before answering: "Certainly Not."

Jaitley went on to add that "the larger purpose of demonetisation was to move INDIA from a Tax Non-compliant society to a compliant society. This necessarily involved the formalisation of the Economy and a blow to the black money." 

He then went on to say how that had been achieved. 

Read Arun Jaitley's Facebook post here: 

Jaitley ended his note saying "this is the positive impact of the Demonetisation. More formalisation of the Economy, More Money in the System, Higher Tax Revenue, Higher Expenditure, Higher Growth after the first two quarters." 

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