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The objective of the November 8 ban of the old Rs 1,000 and Rs 500 notes was not how much money would return to the system, Jaitley said, addressing a new meet after the Reserve Bank of India’s (RBI’s) annual report that showed nearly all of demonetised currency had, in fact, come back.
He added that all objectives of the move, which sucked Rs 15.44 lakh crore out of the economy and hit growth in the short term, had been met. “The real objective of demonetisation was formalisation, attack on black money, less cash currency, bigger tax base, digitisation, and a blow to terrorism. And, we do believe that in each of these areas, the effect has been extremely positive.”
In its annual report, the RBI disclosed that only 1 per cent of total amount of scrapped currency had not returned to the system. The remaining 99 per cent — Rs 15.28 lakh crore — was in, as of June 30.
Note ban objectives met: FM Arun Jaitley on RBI annual report
He added that all objectives of the move, which sucked Rs 15.44 lakh crore out of the economy and hit growth in the short term, had been met. “The real objective of demonetisation was formalisation, attack on black money, less cash currency, bigger tax base, digitisation, and a blow to terrorism. And, we do believe that in each of these areas, the effect has been extremely positive.”
In its annual report, the RBI disclosed that only 1 per cent of total amount of scrapped currency had not returned to the system. The remaining 99 per cent — Rs 15.28 lakh crore — was in, as of June 30.
Note ban objectives met: FM Arun Jaitley on RBI annual report
