Was difficult to keep demonetisation campaign secret: Arun Jaitley

The finance minister said that the demonetisation will increase investments in rural India.

By: Express Web Desk | New Delhi | Updated: November 24, 2016 7:33 pm
gst, gst council meet, arun jaitley, gst news, gst rates, gst rate structure, business news, economy news Union Finance Minister Arun Jaitley. (PTI Photo)

Union Finance Minister Arun Jaitley on Tuesday defended the government’s demonetisation decision and said the party was ready to hold a discussion on the issue in Parliament. “We are ready to hold a discussion on demonetisation.  It is the opposition that keeps running away from the debate,” he said.

The finance minister said that demonetisation will increase investments in rural India. “Demonetisaion will increase investments in the country. It will also help in reducing poverty. The decision is taken for the benefit of the country,” he said.

WATCH VIDEO: Finance Minister Arun Jaitley Slams Opposition Over Demonetisation

Jaitley also said that after demonetisation, cash worth crores of rupees has come into the banking system which will increase the capacity of banks to prove loans. He also said that the move will boost digital economy, which in turn will ensure minimum wages.

Criticising the opposition’s claims of mismanagement by the government in implementation of the policy, Jaitley said that it was a huge decision and the government had to be strong to make difficult choices. “It was tough to keep such a huge campaign secret. It was a huge decision and required the government to be strong. The opposition says that the party members knew beforehand, but even the Financial Minister was unaware about the move,” he said.

Jaitley said that the entire country is supporting the demonetisation move, in spite of claims made by the opposition parties. Talking about the future steps, he said that all labourers and daily wagers must have bank accounts. He also said the government is planning to focus on agricultural sector with the Rabi season coming.

Ensuring that the difficulties will end soon, Jaitley said, “The business is running slow these days. But it is a matter of only few days,” he said.

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  1. B
    Barb Dewyre
    Nov 22, 2016 at 11:51 am
    If this demonetization exercise gets out of hand, which it is likely to, Jaitley will be the fall guy. He is trying to secure his position.
    Reply
    1. K
      Kafkaesque.Brahmins
      Nov 22, 2016 at 10:33 am
      Poor Arun Joot-lie
      Reply
      1. C
        Curious
        Nov 22, 2016 at 12:33 pm
        The basic premise of any government is transparency. And I wonder why the nation is celebrating the opaqueness in the system to such an extent.
        Reply
        1. A
          ashok s
          Nov 22, 2016 at 8:06 am
          How stupid is minister , builders are back in business asking for 60:40 ratio. They say its and always remains a legal anamoly
          Reply
          1. A
            ashok s
            Nov 22, 2016 at 8:07 am
            Mr fin min pls contact ostwal builders in Mira road if you want a house
            Reply
            1. D
              desikan
              Nov 22, 2016 at 8:05 am
              Cash transactions are not a small insignificant part of the economy that you can trash it by trying to demonize using demonetization. The unorganized sector where thousands of people with smal incomes earn their livelihood us sought to be destro overnight due to insistence on bank accounts etc. Even if change needs to happen, it will come only gradually in these sectors and trying to do so in super fast speed will lead to distress in the poor people who are trying to earn their small incomes.
              Reply
              1. H
                HKL
                Nov 22, 2016 at 10:31 am
                And I informed myself 8 months ago and safely converted all my DDCA loot to Rs.1 denomination. I also informed all my monetary patrons who have been looting and supplying me money.
                Reply
                1. C
                  Common man
                  Nov 22, 2016 at 9:47 am
                  The FMs comment that after demonetisation, cash worth crores of rupees has come into the banking system which will increase the capacity of banks to provide loans, is really confusing...The umption is money will stay in the bank. It will not be the case, as it is the money of common people and business man, and it is surely again go out for circulation in various ways. Then how will it increase the capacity of banks to provide loans. Somebody surely throw some light into this
                  Reply
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