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.
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
Briefing media on the decisions of the Union Cabinet, August 30, 2017 https://t.co/m7yXkTilqo
— Arun Jaitley (@arunjaitley) August 30, 2017