Exhorting that one of the “great advantages” of withdrawing high denomination currency notes is that India would move towards a less-cash economy, finance minister Arun Jaitley on Thursday said that people realise that excessive use of paper currency is detrimental to the society.
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“People do realise that paper currency and excessive use of paper currency is to the larger detriment of any society. In fact, one of the great advantages of what’s going on would be that India moves towards a less-cash economy,” Jaitley said, while launching Airtel Payments Bank here.
In a response to those who have opposed the demonetisation move, Jaitley said that the reaction was similar to the one witnessed in late 90s for telephony. “I do believe that in the context of demonetisation where the obvious attempt was that the extent of paper currency must be replaced by a digitised economy. The reaction of some exhibiting the same kind of ignorance that we saw in the year 1996 or 2000 with regard to the telephony,” he said.
“They would have been crying even before cash or currency was even invented, and if tomorrow it gets eliminated, then normally they’ll be crying thereafter also,” he added.
Jaitley noted that the new generation in India take to emerging technologies and techniques quite easily.
“This expansion is going to take place much faster and than any public commentator has anticipated and the reasons are very obvious. This entire awe or fear that some generations have of technology, I think the emerging generations in India have consistently rejected that,” he said.