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Arun Jaitley highlights: Demonetisation was a huge step to make India a cashless economy, says finance minister

In a presser on Wednesday, Finance Minister Arun Jaitley said that the government will commemorate 8 November, the day of demonetisation, as Anti-black money day.

FP Staff October 25, 2017 16:34:21 IST
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Arun Jaitley highlights: Demonetisation was a huge step to make India a cashless economy, says finance minister

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Oct 25, 2017 - 16:36 (IST)

Jaitley slams Congress, says the party never understood demonetisation

Congress is a losing and dusgruntled party, which never understood demonetisation, said Jaitley. Congress never tacked black money and facilitated shadowy economy, he added.

Oct 25, 2017 - 16:32 (IST)

Digital transactions have doubled: Jaitley

People are understanding digitisation and this time the digital transactions doubled, said Jaitley. He gave an example of Dhanteras, when people even bought gold online.

Oct 25, 2017 - 16:29 (IST)

The government thinks people have understood demonetisation: Jaitley

The government and BJP feels that the people have understood demonetisation because it is giving a resounding response to the BJP is all elections, said Jaitley. He added that it is part of the larger campaign of the party and will continue.
 

Oct 25, 2017 - 16:27 (IST)

Cash is an unidentified bearer money circulating in the system: Jailtey

Oct 25, 2017 - 16:25 (IST)

Aim of demonetisation was to increase tax base: Jaitley

People who deposited money disproportionate to their income are now being forced to pay taxes, Jaitley said while defending demonetisation. He further said that the aim of the note ban was to increase the tax base, squeeze the funds of terrorists and detect counterfeit currency.

Oct 25, 2017 - 16:21 (IST)

BJP has expanded digitisation and tax base across the country: Jaitley

Oct 25, 2017 - 16:20 (IST)

Demonetisation was a huge step to make India a cash-less economy: Jailtey

Jaitley defended the demonetisation decision and hailed it as a huge step to make India a cash-less economy. He further said that cases were filed against various illegal account holders.

Oct 25, 2017 - 16:17 (IST)

Congress had adequate opportunity to be in power: Jaitley

"Congress had adequate opportunity to be in power and I can't remember any significant step taken by the party. The Congress had reconciled to India living with a shadowy economy," said Jaitley.

Oct 25, 2017 - 16:15 (IST)

Arun Jaitley defends demonetisation

Oct 25, 2017 - 16:13 (IST)

BJP leaders to travel across the country to highlights steps taken to curb black money

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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