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Defending Demonetisation, FM Arun Jaitley Says Next Step Is Ending Black Money In Polls

न्यूज़ वर्ल्ड इंडिया | 0
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| August 31 , 2017 , 07:59 IST

The Reserve Bank of India on Wednesday revealed that from the Rs 15.44 lakh crore of notes taken out of circulation during demonetisation, Rs 15.28 lakh crore had returned to the system by way of deposits, following which political leaders and parties slammed the government for the controversial demonetisation drive.

Finance Minister Arun Jaitley launched a strong defence of the demonetisation, adding that the opposition failed to understand that the move had forced unaccounted for money to be deposited in banks, becoming liable for penalties and tax.

ALSO READ: Banks Received 15.28 Lakh Cr Of Rs 15.44 Lakh Cr Demonetised Notes, Says RBI

Hailing the success of demonetisation, Jaitley said that the next step is for clean money in polls, adding that the government was already in the final stages of drafting a concerned policy.

"My next step would be to end black money in polls," said the Finance Minister.

Regarding the numbers revealed by the RBI, Jaitley said that the demonetisation measure was being confused with confiscation of currency.

"Confiscation of money was not the objective of demonetisation," said the finance minister, adding that the move should be seen in the context of creating a wider tax base, a more digitalised economy, lesser use of cash and an integration of the informal economy with the formal.

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Hitting back at politicians criticising demonetisation, Jaitley said that the parties had failed to act against black money while they were in government, therefore they could not see the effects of demonetisation, followed by implementation of Goods and Services Tax (GST) in making a cleaner and more efficient economy.

The demonetisation of the old Rs 500 and Rs 1000 currency notes which was announced suddenly in November 2016 resulted in a severe cash crunch, causing chaos through the nation.