The day at which the note ban did a year ago will be viewed with pride by next generation said the Union Finance Minister Arun Jaitley.
He claimed the DeM (Demonetization) as the watershed moment in the economy of India and with its further development, next generation can have a fair and honest system to live in. The benefits may not yet be visible to some people, he said, adding that the next generation will view fair living system.
Jaitley said the move had met its objective of reducing cash in the economy, ending anonymity of cash, bringing in more individuals in the tax net and dealing a body blow to black money. On the eve of the first anniversary of DeM in which it invalidates 86 percent of the currency in circulation.
To combat corruption, black money, terrorism, and fake currency PM Modi announced demonetization of old Rs. 500 and Rs. 1000 notes on November 7, 2016.
Jaitley said that post the note ban, the currency in circulation is less by Rs. 3.89 lakh crore, which has met the objective of less cash economy so as to reduce the flow of black money in the system.
Rs. 15.44 lakh crore worth of notes withdrawn from the circulation, Rs. 15.28 lakh crore had been deposited back as on June 30, 2017.
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