Scraping 500 and 1000 notes is setback to Black money : FM

rp_arun-jaitely-1-300x237-1-300x237-300x237.jpgFinance Minister Arun Jaitley addressed the media over Govt’s decision to scrap Rs 500/1000 notes.

He said, the NDA Govt has taken a number of measures to embolden our economy,A number of steps have been taken to curb the menace of black money, to track ‘benami’ transactions.

Its a Setback to parallel black money economy because a lot of currency operating outside system will now have to get into banking system.Govt believes that this decision to scrap Rs 500/1000 notes has been welcomed everywhere;This major step will help India’s credibility.

This one decision will change the course of the way people spend and keep their money. There might a little inconvenience in replacement, to minimise that Govt took decision to give a window of 72 hours to people.This move will take India towards cashless economy; It doesn’t merely nudge the economy in that direction, but significantly pushes it.

Today the high denomination notes account for 86%, which had a huge role in black money, terrorism and counterfeit activities. There is a sense of satisfaction among honest taxpayers to what is happening. There is no chaos or disruption, and if inconvenience prevails for a short period, Govt will try to resolve it.