Amid continuing public distress and political storm across the country, following the implementation of the demonetisation policy by the Modi government, Finance Minister Arun Jaitley, today, said that safely printing of currency is a time-consuming exercise and that the RBI is working on the steady release of new currency notes. The Finance Minister also said that in order to replace the currency notes of 86 % of the country, a substantial part of it must be ready.
Citing the rise in the flow of black money in the country, Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy, following which, there had been a ban on currency notes of the denomination Rs 500 and Rs 1,000. Chaotic situation emerged among the common people of the country, since the implementation of the note ban policy, and even weeks after its initiation, cash starved people had been seen standing in ‘never-ending’ queues, waiting for hours, outside banks and ATMs, even as the money machines run out of cash.
Speaking at an interview with Vikram Chandra, at the HT leadership summit, Jaitley said that there’ll be long queues outside banks and ATMs, citing the huge population of the country, but also claimed that people had been ‘tremendously co-operative’. The senior Bharatiya Janata Party (BJP) leader also claimed that the after the completion of the demonetisation process, Indian businesses and way of life will be hugely impacted.
Over the continuing political uproar following the implementation of the anti-graft policy, and with opposition leaders blaming the central government for the on-going public distress, Jaitley said that it is normal for the ruling party to have a situation where opponents are taking a retrograde position.
The Finance Minister had also highletened the importance of the digital mode of payment becoming the formal medium of transaction in the country. Jaitley asserted that digitization of economy in the country will happen, though it will take some time.