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Arun Jaitley reveals the real aim of demonetisation exercise

Finance Minister Arun Jaitley gave a detailed statement on the real aim of the demonetization exercise. He came down heavily on people who called the exercise a ” failure” . He said that some people who do not understand the real aim of the exercise confused it with the confiscation of money. 

He also said that India is predominantly a high cash economy and that condition needed to be altered which gives a blow to black money. 

The government has been successful in expanding the base of both direct and indirect taxation. The money has been identified with the individual owners. 

He also said that digitisation must expand and the economy must be digitised. The expansion of the economy through digitised mechanism has taken place and we are working to strengthen that process. 

“Quantum of cash operation in the system which must come down, has actually borne dividends”, said Jaitley. 

Integration of the informal economy with the formal economy was the real goal of demonetization which has materialized to a large extent. 

Detection of fake currency was another obvious objective of this process. RBI has undertaken a move where the fake currency has been separated from the real currency. The amount of money available with the subversive elements has reduced considerably after the move towards demonetization. 


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