Demonetisation Will Have Long-term Benefits : Arun Jaitley

NEW DELHI:
Finance minister Arun Jaitley termed the government’s decision to ban Rs 500 and Rs 1,000 notes as courageous and said India now has the capacity to take decision on demonetisation.
Addressing a gathering of industry leaders at the 89th annual general meeting of FICCI, Jaitley said, “India has capacity to take decision on demonetisation; it’s no longer a fragile economy.”
The finance minister said note ban will have long-term benefits and the entire process of remonetistaion won’t take a long time. Describing India as one of the fastest growing major economies in the world, Jaitley termed the decision to demonetise an important beginning of development.
“As far as the decision with respect to currency is concerned, it marks an important beginning. This decision decides several other implications,” he said.
Taking a dig at the Congress government, the finance
minister said the normal that existed for 70 years is “unacceptable”.
The opposition has been targeting the government over note ban saying the move has left millions facing severe cash crunch.
On Friday, Prime Minister Narendra Modi attacked the Congress for opposing the decision and refuted allegations that demonetisation was done without homework.
The prime minister said note ban decision should have been taken in 1971 when Indira Gandhi was heading the government.
“We needed to do it in 1971. We have caused huge losses by not doing this since 1971,” Modi told BJP MPs.