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The minister said there is adequate currency for replacement of the bank notes that stand withdrawn and it will be easily available at all banks and post offices in 2-3 weeks.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 He said reports of people profiteering from converting withdrawn currency notes into lower denominations are exaggerated.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

48 MLAs, MPs have declared cases of crime against women

Out of 1580 MPs and MLAs with criminal cases, 48 (three MPs and 45 MLAs) have declared cases related to crime against women. The Association for Democratic Reforms (ADR) and

A rare peek into the mind of Modi

It’s always lonely at the top. Prime minister Narendra Modi’s marathon townhall event at the Central Hall Westminster, titled ‘Bharat ki Baat, Sab ke Saath’, was nothing but his way of shedding that loneliness, communicating and mingling with people and showing his vulnerable side.

"We will be involving community volunteers to effectively police the park"

The work on Sunder Nursery, a lush green refuge from urban chaos in central Delhi, started in 2007, when the Aga Khan Trust for Culture (AKTC) undertook a conservation and renewal proje

Namami Gange: Of promises and achievements

Twenty-six-year-old Surender is a ferryman in Varanasi. Surender and his family own three boats and their livelihood is dependent on taking tourists on a joyride on the Ganga. Recalling the time when he used to ride a boat with his grandfather, Surender says, “At that time Ganga water was so

Trouble on the metro line

The storm is yet to die out over the Mumbai Metro Rail Corporation Limited`s (MMRC) taking over 30 hectares of the famed Aarey colony, a green belt of mumbai, when another application has come in from MMRC demanding another 12,000 sq metres of land. The colony in Goregaon, inaugurated in 195

"Govt must allow open spaces which can serve as lungs for the city"

For years we had a tradition in Mumbai, particularly for all the trunk roads, to be avenues (boulevards). Though we continue to have trees in some parts of Mumbai, the fact is that we appear to have given up on this. Having trees and plants on streets and roads not only provides shade but also absorbs poll

Current Issue

Current Issue

Video

CM Nitish’s convoy attacked in Buxar

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter