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Standard Chartered Bank CEO Zarin Daruwala on Demonetisation Drive
January 12, 2017
Expressing her views on the much talked about ‘demonetisation drive’, Zarin Daruwala, CEO of Indian division of Standard Chartered Bank held the step by the Modi-led government as a singular move with multiple benefits.
“Near term, it disarms counterfeit currency and black money hoards, and long term, it should result in improved flows into the financial sector, widening the tax base and increase the share of formal sector. This, combined with GST, will usher in much needed widening of the tax net,” Daruwala said.
“Radical reforms are inevitable, even if they seem like a bitter pill to swallow, otherwise, India cannot aspire to be among the top three economies in the world,” said Zarin Daruwala in her finishing statement at the Economic Times award ceremony.
