Note Ban ‘Positive’ Step says Finance Minister Arun Jaitley

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Note Ban ‘Positive’ Step says Finance Minister Arun Jaitley

The demonetisation (note ban) proves the currency overhaul to be a “positive” step for the economy, said Finance Minister Arun Jaitley here on Wednesday.

Demonetisation

On 8 November 2016, the Indian Prime Minister Narendra Modi announced the demonetisation of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series.

RBI annual report’s finding that nearly 99% of demonetised notes returned to the system, Jaitley said the statistic should not be used to ridicule the demonetisation drive.

READ Arun Jaitley Thanks People For Supporting Note Ban

The Government aim of demonetisation was not to destroy wealth. “Our goal was not to confiscate money. Instead, we wanted to bring the unaccounted wealth under the scanner and expand the tax base of the nation,”

Watch Here Today Union Cabinet Speach by Indian Finance Minister Arun Jaitley