At a presser on Wednesday evening, Finance Minister Arun Jaitley said that the government will commemorate 8 November, the day of demonetisation, as Anti-black money day. Ministers will travel across India to promote the day, Jaitley said.
Finance Minister Arun Jaitley has defended the government's decision to maintain secrecy over demonetisation, saying transparency, in this case, would have been the "greatest instrument of fraud".
In his recent visit to the US, Jaitley had defended demonetisation saying while demonetisation and GST are having the desired impact in terms of tax compliances and squeezing the quantum of cash in the economy, for the first time, 'Swachh Bharat' campaign has brought to fore the importance of cleanliness.
Before demonetisation, Indian norm was to live with a high cash economy, not paying taxes, "you buy a property, you transact partly in cash, and in business, you maintain two sets of accounts," he said.
"How can a country, which aims to be the fastest growing major economy in the world, which aspires to grow from a developing to a developed economy, continue with the normal of this type," he asked.
And therefore, "you need to shake the system" in order to reduce the quantum of cash in India and therefore obviously to make it a more tax complaint society, he observed.
As the date of demonetisation approaches, the nation waits to hear the finance minister or Modi's way of commemorating the note ban anniversary.
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Updated Date: Oct 25, 2017 17:03:24 IST