Demonetisation was a moral step, 2G, CWG was loot: FM Arun Jaitley

Demonetisation was a moral step, 2G, CWG was loot: FM Arun Jaitley

Updated 07 Nov 2017 04:36 PM

Demonetisation was a moral step, 2G, CWG was loot: FM Arun Jaitley
Referring to November 8, 2016 as a watershed moment in the history of the Indian economy, Finance Minister Arun Jaitley said on Tuesday one of the important objectives of demonetisation, which was to make the country a less cash economy and reduce the flow of black money, had been met.

But he conceded, in his Facebook post, that the benefits of the move may not be immediately visible to some people, though they would be apparent to the coming generation. "The next generation will view post November, 2016 national economic development with a great sense of pride as it has provided them a fair and honest system to live in," he added.

Jaitley said one of the important objectives of demonetisation was "to make India a less cash economy and thereby reduce the flow of black money in the system. The reduction in currency in circulation from the base scenario reflects that this intended objective has been met," the Finance Minister said in a facebook post. The minister has said this before, but Prime Minister Narendra Modi in his November 8 speech had not mentioned this objective.

Jaitley in his post said the published figure of "currency in circulation" for half year ending September, 2017 stood at Rs 15.89 lakh crore, showing year-on-year variation of (-) Rs 1.39 lakh crore.

"...whereas year-on-year variation for the same period during last year was (+) Rs 2.50 lakh crore. This means that reduction in currency in circulation is of the order of Rs 3.89 lakh crore," said the minister.

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