Demonetisation completes 2 years: As India completes two years of demonetisation today, Finance Minister Arun Jaitley has once again come out in support of the exercise explaining how the noteban by the government helped in formalising the economy. Arun Jaitley said that demonetisation helped in tackling black money and expanding the tax base. \u201cDemonitisation is a key step in a chain of important decisions taken by the Government to formalise the economy,\u201d Arun Jaitley wrote in a blog. Adding further Arun Jaitley said that demonetisation was basically aimed at ensuring that weaker sections become part of the formalised economy and moving towards digitisation. \u201cDemonitisation compelled holders of cash to deposit the same in the banks. The enormity of cash deposited and identified with the owner resulted in suspected 17.42 lakh account holders from whom the response has been received online through non-invasive method,\u201d he wrote. The launch of Unified Payment Interface (UPI) in 2016 helped immensely in digitisation of the economy, he added. Also read: Samvat 2075: Stock markets post best Muhurat-day gains in 10 years; key things to know \u201cThe value of BHIM transactions has gone up from Rs. 0.02 billion in September, 2016 to Rs. 70.6 billion in September, 2018. The share of BHIM transactions in overall UPI transactions is at about 48% in June, 2017,\u201d he also said. Countering the demonetisation critics who claim that noteban exercise failed to arrest use of cash, he said that \u201cconfiscation of currency was not an objective of demonitisation. Getting it into the formal economy and making the holders pay tax was the broader objective,\u201d he said. Arun Jaitley also said that the collection of both personal and corporate income tax increased as a result of demontisation. \u201cThis formalisation of the economy has led to the tax payer base increase from 6.4 million in the pre-GST regime to 12 million tax payers in the post-GST regime,\u201d he added.