Arun Jaitley: deficit of cash to ease by December 30

Story By: Rajesh Sharma
Friday, December, 02 2016 - 17:13

Union Finance Minister Arun Jaitley on Friday said that a cash deficit following demonetization of the old Rs 500 and Rs 1,000 currency notes on November 8, would ease by December 30.

The secure printing of the new currency notes is a time-consuming exercise, Jaitley said.

However, the minister said that the amount of cash issued in new Rs 500 and Rs 2,000 rupee notes would not be the same as before demonetization as the government's goal is to encourage the use of cashless forms of payment.

"It does create a disruption," said Jaitley. "But I don't see the disruption lasting for very long. You may see some impact for a quarter or so."

“Once remonetisation is complete, will see more of digitised expenditure, developed taxation system, ease of business,” Jaitley said while addressing the inaugural session of HT Leadership Summit 2016.

“Black money has been a norm in India for seven decades, we want to confront it and create a new normal," Jaitley added.

The minister also said that demonetization was just "one step out of the many" that the Centre has taken.


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