Demonetisation process is almost complete, says Arun Jaitley

Speaking on the subject of 'Transforming India: Vision for the Next Decade', Jaitley said India was standing "at a point of history" where the country as a whole becoming "more and more aspirational".

By: PTI | London | Published: February 25, 2017 8:42 pm
 demonetisation, demonetisation impact, demonetisation effects, note ban, Rs 500, Rs 1000, remonetisation, india news, arun jaitley, indian economy, indian express Union Finance Minister Arun Jaitley. (PTI Photo) 

Finance Minister Arun Jaitley on Saturday said the demonetisation process is almost complete, hailing it as the “smoothest possible replacement” of high denomination currency anywhere in the world. Describing the government’s decision to take Rs 500 and Rs 1,000 notes out of circulation as a move towards creating a “new normal” in India, the minister told an audience of students and academics at the prestigious London School of Economics that it would ultimately lead to far higher growth rates.

“We have almost completed the demonetisation process and it has been the smoothest possible replacement of currency anywhere in the world,” said Jaitley, the Union Minister for Finance and Corporate Affairs.

“Demonetisation was a move to change the Indian normal… a new normal had to be created. A predominantly cash economy has now to be substituted with a digital economy, which will bring more money into the banking system and lead to better revenue generation; the integration of the informal economy with the more formal one is now taking place.

“The post-demonetisation regime is actually going to generate a far bigger GDP in the long run,” he said, adding that any arguments in favour of the “virtues of a cash economy” were “absolutely trivial”.

Speaking on the subject of ‘Transforming India: Vision for the Next Decade’, the minister said India was standing “at a point of history” where the country as a whole becoming “more and more aspirational”.

“The global economy continues to face its own challenges. Any slow growth in the world impacts us also…but 7-8 per cent growth rate is the new Indian norm and if we get the support of the global economy, that figure has a scope of shooting up,” he said.

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  1. K
    Feb 25, 2017 at 7:13 pm
    RSS/BJP leaders were arrested for being ISI;br/gt;lt;br/gt;Soon we will find that entire RSS is filled with ISI;br/gt;lt;br/gt;Our soldiers fight our external enemies at the border so ISI got their internal agents RSS/BJP to kill 100 Indians and disrupt lives of cores and destroy our economy with demonatisation. lt;br/gt;lt;br/gt;If RSS/BJP were truly serious about black money then lt;br/gt;lt;br/gt;1. Why didn't they bring in lok pal billlt;br/gt;2. Bring political funding under RTIlt;br/gt;lt;br/gt;BEFORE doing demonatisation to destroy India. lt;br/gt;lt;br/gt;ISI agents RSS/BJP better watch out for wrath of comman man.
    1. A
      ak dev
      Feb 25, 2017 at 6:51 pm
      Demonetization might have completed but for Congress it will hurt for years to come.
      1. Ashok Choudhary
        Feb 25, 2017 at 5:44 pm
        I like this person's honesty as he never said- demonetisation was against corruption or black money !
        1. R
          Feb 25, 2017 at 6:48 pm
          If its almost complete, when are you and that PM resigning ?? Made life miserable for citizens and achieved nothing. Such a failure you and your govt is.
          1. T
            Feb 25, 2017 at 4:12 pm
            Demonetization to Remonetization process may be over soon.............. but P M , F M and R B I are digesting all the data, facts and figures in an attempt to make the people forget about the w fiasco........When educated Bhakts want to be blind, can't blame the uneducated ones ! !
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