The minister said the government is taking various initiatives to make India a cashless economy
GN Bureau | November 9, 2016
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The minister said there is adequate currency for replacement of the bank notes that stand withdrawn and it will be easily available at all banks and post offices in 2-3 weeks.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 He said reports of people profiteering from converting withdrawn currency notes into lower denominations are exaggerated.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.
Prime Minister Narendra Modi has laid the foundation stone of hydro engineering college at Bilaspur in Himachal Pradesh. The college, being set up by National Thermal Power Corporation (NTPC) and NHPC, will provide B Tech courses in mechanical, electrical, civil and computer science discipl
Bharat Heavy Electricals Limited has commissioned a three Mega Watt solar photo voltaic power plant in Dadra and Nagar Haveli. BHEL executed this project on a turnkey basis for Dadra and Nagar Haveli power distribution corporation limited at Velugam. It
Time to go back to the drawing board, said Delhi chief minister and Aam Aadmi Party leader Arvind Kejriwal on Saturday, days after his party failed to make its mark in the Delhi civic elections. In a message, Kejriwal said that in the last 2 days, I spoke to many vo
The tax net needs to be expanded and the rich farmers must pay up their taxes. This week saw quite a bit of going back and forth over this prickly issue after Niti Aayog member Bibek Debroy batted for taxing agricultural income. Niti Aayog vice chairman A
A giant yellow inflatable schistosomiasis worm, with ‘Making Schistory’ printed on it, floated on Lake Geneva, marking the five years since the London Declaration on neglected tropical diseases (NTDs). Though in 2015 about 1.59 billion people received treatment for at least
In order to provide broadband connectivity of BharatNet to post offices in rural areas, Bharat Broadband Network Limited (BBNL), department of posts and Bharat Sanchar Nigam Limited (BSNL) have signed a tripartite agreement. The agreement is the first tri-partite MoU which