India’s Finance Ministery Arun Jaitley said in a press conference that after the higher currency notes ban the nation will see less paper currency unlike before , he says “one of the main advantage of this demonetisation exercise is that there won’t be the same level of paper currency as it was there on and before November 8. With this the volume of trade and business will grow , on the other hand the paper currency will shrink.”
He also added , “so a year from now , India will become a country with a larger economy , a higher GDP , a much cleaner GDP along with a reasonable interest rates.”
In the press conference held today , FM Arun Jaitley was discussing the impact of the ban of Rs 500 and Rs 1000 notes which contributes to around 86 % of cash which are were in circulation on and before November 8 , and this sudden ban was done to crack down on tax and the black or untaxed money.
FM Arun Jaitley In Press Conference Today , New Delhi.
Mr. Jaitley says , “demonetisation is the new normal which is confronting the black money which has been the norm in our country for 7 decades.” The Cash Crunch situation witnessed in almost every nook and corner across nation , FM Arun Jaitley comments on it , “we are covering such a large population , certainly there will be queues.”
He lauds common man’s support by saying , “people have been co – operative and have shown us tremendous courage and support during this period . Now you don’t find social unrest in the nation. We have done this (demonetisation) to ensure that the political funding and others become transparent . And today every single person is getting assessed for tax at least three times . In the future , this move will simplify and ensure just one assessment per person.”
At last he said , “We are all at the cusp of change , and are battling hard between the tax man and those people who are trying to beat the system and this will continue until we reach our goal.”