Demonetisation will beneficial in long run Says Jaitley FM
NEW DELHI : Finance Minister Arun Jaitley on Thursday said that government took the decision to scrap Rs 500 and Rs 1,000 currency notes in the national interest.
Briefing media about the demonetisation decision of the government at the inauguration address of two-day Economic Editors’ conference- 2016 starting today, Jaitley said scrapping of Rs 500 and Rs 1,000 notes was important and government is trying to ensure requisite replacement of currency is available with people at the earliest, so there is no need for people to rush.
Finance Minister Arun Jaitley said that small depositors will not face any problem. “People depositing small amount will not face any problem and revenue department not to take notice of small depositors,” According to a agency eport quoting Jaitley as saying.
He added that the move was pending for a long time. Jaitley further stressed that government hasn’t shied away from taking risks.Mr Jaitley today said that demonetisation of 500 and 1000 rupee notes will have an impact on small purchases for a few days, but it is beneficial in long run.
Inaugurating the Economic Editors Conference in New Delhi, the Minister said government has not shied away from taking necessary decisions.He said, there is no need to rush in initial days for replacing currency, as government has given enough time. He said instead of seeing it as a reduction of wealth, it must be seen as transfer of unaccounted wealth.
The Finance Minister also assured that people depositing small amounts will not face any problem and revenue department will not take notice of small depositors. He said it is only those with large amounts of undisclosed money who will have to face the consequences under existing laws.
Speaking on the occasion, Economic Affairs Secretary Shaktikanta Das said, new color combination and new design of 1,000 rupee notes will be released in a few months.
He said, 1000 rupee notes, banned as part of black money crackdown, may return with new security features. He said, the process was on for the last few months and only 2 to 3 people in RBI were involved in designing of notes. He said, RBI is going to monitor and regulate the release of 2000 rupee notes.
