Explorer
Advertisement
Demonetisation was a moral step, 2G, CWG was loot: FM Arun Jaitley
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.
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.
For latest breaking news, other top stories log on to: http://www.abplive.in & https://www.youtube.com/c/abpnews
News
Sam Pitroda Remark Row: Can BJP take lead in elections over 'inheritance tax' issue? | ABP News
Sam Pitroda Remark Row: Heated argument between BJP & Congress Spokesperson over reservation
Sam Pitroda Remark Row: BJP spokesperson KK Sharma's sharp attacks on Sam Pitroda & Congress
Sam Pitroda Remark Row: BJP VS Congress; Politics intensifies over Sam Pitroda's remark | ABP News
Loksabha Elections 2024: Nitish Kumar or Tejashwi Yadav; What is the mood of Bihar voters? |ABP News
View More
Advertisement
Advertisement
Advertisement
Top Headline
India
Election 2024
Election 2024
Election 2024
Advertisement
Trending News
for smartphones
and tablets
and tablets
Anand Kochukudy
Opinion