Demonetisation Is A Historic Step; ‘White’ Transactions To Be The New Norm: Arun Jaitley

Speaking at the BJP parliamentary party meeting today (22 November), Finance Minister Arun Jaitley defended the Centre’s demonetisation of Rs 500 and Rs 1,000 currency notes, and said the move was welcomed by people across the country. Jaitley also lambasted the opposition for accusing the Centre of leaking the news of banning high denomination notes to a select few.

Hailing Modi’s move, Jaitley said that the Prime Minister is breaking all the ‘stereotypes’ and has created a new ‘normal’ with this historic endeavour.

Jaitley stated the government was aware of the situation in rural parts of the country. He said, “We will be focusing more on getting the new currency to rural areas as it is the sowing season. We have taken some major decisions last night, it will benefit the rural economy a lot.”

The Finance Minister also used the opportunity to reach out to the farming community. “For the next few weeks, we are planning to focus on the agricultural sector. Rabi season is also coming, we need to assist all these needs,” he said.

“Demonetisation may impact business, but it will only be a short term impact. In a calibrated way, the money will be infused into the banking system. Right now, this is cessation of legal tender. Some more legal steps are needed to make demonetisation effective, which the government will take, according to the requirements,” he said.

Jaitley informed that various restrictions placed on banking services restrictions will be removed when demonetisation reaches a reasonable level.