Find Out What Finance Minister Arun Jaitley Said As 50-Day Demonetisation Deadline Nears
Saying that the “critical part” of remonetisation is now behind us, Union Finance Minister Arun Jaitley said it will be “much better” going forward. Jaitley revealed that that the Reserve Bank of India now has a substantial amount of currency available for disbursement. He added that a large part of currency has been replaced and more new Rs 500 notes are being released everyday. With more more currency now circulation, Jaitley said that the ability of banks to lend money has substantially increased. On the impact of demonetisation on the GDP, Jaitley said thath critics have been proved wrong. He also announced that there has been an rise in tax collection. He said that Till Dec 19, direct tax mop-up has risen 14.4%, indirect tax grows 26.2%; central excise up 43.3% and Customs rose 6%.