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Demonetization Was Successful, Economy Better Now: Arun Jaitley
September 01, 2017
Now that the Reserve Bank of India has finally disclosed the numbers on the demonetization move- almost 99% of the banned Rs. 1,000 and Rs. 500 notes back- the government is defending the decision by saying that it has met a number of objectives.
Finance Minister Arun Jaitley said that demonetization has helped to increase the tax collection, check anonymity of cash savings, reduce the size of the cash economy and hit the terrorist and Naxal groups which depend largely on cash-based transactions. He also highlighted a 25% jump in the personal income tax returns which he believed is something “unprecedented”.
