Demonetisation biggest step in 70 years: Jaitley
Finance Minister Arun Jaitley has said that demonetisation is the biggest step taken against black money and wrongful economic practices in the country in the last 70 years. Speaking at the Federation of Indian Chambers of Commerce and Industry's (FICCI's) 89th Annual General Meeting, Jaitley added, "The process of remonetisation is not going to take a lot of time."
Finance Minister Arun Jaitley has said that demonetisation is the biggest step taken against black money and wrongful economic practices in the country in the last 70 years.Jaitley said that only a minor segment of parliamentarians are opposing the demonetisation move, which will bring far more greater long term benefits for the country.Finance Minister Arun Jaitley was speaking at a function at FICCI in New Delhi. He said that what had been normal for 70 years could not be allowed to continue as it had several adverse economic and social consequences.READ| 59 per cent people hoarding Rs 2,000 note, 68 per cent yet to get new Rs 500 note"As far as the decision with regard to currency is concerned, I think it marks a very important beginning," Jaitley said adding, "The process of remonetisation is not going to take a lot of time."As far as the decision with regard to currency is concerned, I think it marks a very important beginning: FM Arun Jaitley #DeMonetisationpic.twitter.com/lv5tKxjSdh GST NEXT BIG THINGSpeaking at the FICCI's 89th Annual General Meeting, Finance Minister Arun Jaitley asserted that goods and service tax, slated to come in force from next year, would bring another phase of big economic reforms in the country.READ| Mumbai is 'financially smart' to manage black money, say Income Tax officialsOn 16 Sept 2017, as far as current mode of taxation is concerned, the curtains will be down: FM Arun Jaitley pic.twitter.com/lVR1BFIb0nWATCH:GLOBAL SLOWDOWN REFLECTING IN INDIA In an attempt to dispel worries about decline in GDP growth rate due to demonetisation, Jaitley said that the global slowdown was affecting Indian economy. However, he exuded confidence that Indian economy would do well."Amongst the emerging economies, if we look at India, I think it is a refreshing change from what is happening in rest of the world," the finance minister said. Amongst the emerging economies, if we look at India, I think its a refreshing change from whats happening in rest of the world: FM Jaitley pic.twitter.com/5nZHkmsWKP