If elections become cheaper, it is good: Jaitley

The minister said the government is taking various initiatives to make India a cashless economy

GN Bureau | November 9, 2016


#Corruption   #Bank Notes   #Black Money   #Cashless Economy   #Rs1000   #Rs500   #Arun Jaitely  


While there is no co-relation between scrapping of higher denomination currency notes with elections, but if this move makes poll costs cheap, it is good, said finance minister Arun Jaitley.

Addressing the media in Delhi on Wednesday over the decision to do away with Rs 500 and Rs 1,000 currency notes, the minister stressed that there would be significant long term advantages to the economy and said that the government is taking various initiatives to make India a cashless economy.

“There is no chaos or disruption, and if inconvenience prevails for a short period, we will try to resolve it,” he added.

He said the decision to ban currency notes of Rs 500 and Rs 1,000 denomination will impact the black economy.

The Morarji Desai government, in 1978, had also banned high denomination currency notes to curb black money.

Jaitley said that there cannot be any comparison between the two as the size of the economy and black economy has grown.

The minister said there is adequate currency for replacement of the bank notes that stand withdrawn and it will be easily available at all banks and post offices in 2-3 weeks.

He denied rumors of GPS-enabled chip in new currency notes. He said reports of people profiteering from converting withdrawn currency notes into lower denominations are exaggerated.

Jaitley said that there is a sense of satisfaction among honest tax payers to what is happening.

Comments

 

Other News

Covid-19: Vigorous testing leads to fatality rate drop

India has been registering more new cases of Covid-19 infection than any other country for the past seven days, yet its rigorous push on testing and thus on early identification is bearing fruits, with the case fatality rate (CFR) going further down to 2.1. In a new high, India has scaled th

Election manifestos and voters` Right to Know

Recognising the importance of election manifestos, the supreme court directed the election commission (EC) of India to frame guidelines directly governing the contents of the election manifestos in the case of S. Subramaniam Balaji v. State of Tamil Nadu & Ors. reported in (2013) 9 SCC 659. Although th

No support from govt, says ad veteran Sam Balsara

Advertising veteran Sam Balsara has lamented the lack of support from the government to the industry and said that it has completely ignored the sector. Balsara, the founder, chairman and managing director of Madison World and Madison Communications, said that the government needs to provide

Covid-19: New cases are increasing, but so are recoveries

Even as India continues to record more than 50,000 new Covid-19 infections every day for a week now, there was some hope in the rising number of recoveries as well, with a drop in the case fatality rate and a spike in the recovery rate. Thus, the country recorded the highest single day recov

Breaking new ground in Ayodhya: History is created

History was created as prime minister Narendra Modi participated in the foundation-stone-laying ceremony for the new Ram Temple in Ayodhya on Wednesday, ending centuries of controversy. Modi performed Bhoomi Pujan at `Shree Ram Janmabhoomi Mandir`, in the presence of a very limited number o

How to encourage and support breastfeeding amid pandemic

The most joyous moment of a woman’s life is to breastfeed her baby for the first time. Breast milk is the foundation to build a strong bonding between mother and child and must not be missed by any newborn in its nutrition uptake. The World Health Organization (WHO) is encouraging people to “su

Governance Now 5th PSU IT Forum

Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter