Union Minister Jayant Sinha on Wednesday assured that “re-monetisation” is expected to be completed by December 31 allaying the apprehensions cast by Opposition parties even as people continue to face cash crunch following Prime Minister Narendra Modi’s historic move to scrap Rs 500 and Rs 1000 currency notes. The minister said that government will use the benefits from demonetisation for poor. He also noted the behavioural change towards tax compliance. Sinha also opined current account savings account (CASA) in banks will increase tremendously. The union minister underlined quantum of interest rate cut a prerogative of Reserve Bank of India. Tax to GDP ratio will improve after demonetisation, he said. Union Minister Jayant Sinha said that people are realising we are not living in a ‘soft state’ anymore. Talking about inflation, he said that India has always been an ‘outlier’ when it comes to inflation.
Earlier, Union Minister Jayant Sinha had said that people have voted us in to tackle and curb corruption in the country and demonetisation is that one big step that will act as a foundation in the fight against corruption and black money circulation. Commenting further on measures taken by the government to catch the big fish of black money laundering, Sinha said that the government is constantly compelling the tax defaulters to pay their pending taxes. With the help of digitisation, we have successfully been able to figure out how the tax evaders are working and the government will make sure no one will get away without paying their tax, Sinha assured.
Speaking on the issue of black money, Sinha said that everybody who has black money is not sleeping at night as they have seen the actions that we have taken. Doesn’t matter if he a businessman or a politician, anyone with black money will be brought down to justice. As per Sinha, the BJP government have delivered on the GDP growth. Our governement has provided services and benefits to every citizen of the country through Jan Dhan Yojna, Digital India, Startup India, Smart City etc.