1. Decision to scrap Rs 500, Rs 1000 notes will help India’s credibility: Arun Jaitley

Decision to scrap Rs 500, Rs 1000 notes will help India’s credibility: Arun Jaitley

A day after Prime Minister Narendra Modi announced a ban on currency notes of Rs 500 and Rs 1,000, Finance Minister Arun Jaitley said that the move will robust Indian economy and its credibility on the global level. Counting benefits of the step, he believed that every section of the society will welcome it. Addressing a media briefing, the […]

By: | Updated: November 9, 2016 5:45 PM
Finance Minister Arun Jaitley (ANI) Finance Minister Arun Jaitley (ANI)

A day after Prime Minister Narendra Modi announced a ban on currency notes of Rs 500 and Rs 1,000, Finance Minister Arun Jaitley said that the move will robust Indian economy and its credibility on the global level. Counting benefits of the step, he believed that every section of the society will welcome it.

Addressing a media briefing, the union minister said that government has taken several steps since two and a half years to embolden the economy. “We brought black money law that provided opportunity to people to disclose their unaccounted money,” said Jaitley.

Jaitley called it a setback to parallel black money economy “because a lot of currency operating outside system will now have to get into banking system”

Speaking on the occasion, Jaitley said very few decision of government directly affect the common people and this one is one of those decisions. “This one decision will change the course of the way people spend and keep their money,” he said adding that it will make Indian economy cashless and make them go “digital”.

The minister also mentioned the inconvenience people might face due to the step and assured that the government is closely monitoring the situation and taking all necessary steps to reduce it. “PM Modi had announced a window of 72 hours in certain cases yesterday. We are monitoring the situation and keep adding into it. Today, we have allowed the high-value currency notes on the counters of metro stations, pharmaceuticals shops by producing original prescription, to buy entrance tickets of ASI monuments and LPG cylinders,” said he. Toll across National Highways have also been suspended till midnight of November 11 to facilitate smooth traffic movement, he said.

Jaitley further said that the centre’s step is to benefit every section of the society. “All the states will get the benefit of the decision besides centre,” said Jaitley.

Asked about the reaction of Congress vice President Rahul Gandhi in which he said “Once again Mr Modi shows hw (how) little he cares abt (about) ordinary ppl (people) of this country-farmers, small shopkeepers, housewives-all thrown into utter chaos” and questioned the PM, “How is replacing Rs 1,000 notes with Rs 2,000 notes going to make black money hoarding a lot harder?” Jaitley quipped, “No one especially poor will face inconvenience because of this reform; must understand this before commenting.” He further added that “there is a sense of satisfaction among honest tax payers to what is happening”.

Asked about whether the decision has been taken with regard to upcoming assembly polls, Jaitley said, “there is no co-relation of this decision to that of elections but if this makes election costs cheap, it is good”.

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