LONDON: India has potential to grow faster and plans are underway to reduce poverty and create jobs in rural areas, Finance Minister Arun Jaitley said today, even as he ruled out the country becoming totally ‘cashless’ immediately.
“One of the reasons for note ban was tax non-compliant. One of the objectives of the demonetisation was to reduce and eliminate anonymity. I don’t see India becoming a cashless system immediately. I see India becoming less-cash economy,” Jaitley told reporters here.
The Finance Minister, who is meeting top Government officials and business leaders here, further said the GST regime would also make generation of cash more difficult, besides making the taxation system much more efficient.
He hoped that the GST would be implemented by July 1.
On the Centre’s efforts to move towards digitalisation and cash-less regime, he said, “Major business, property transactions, salary payments, and school fees will be done through cash-less system. Will it be totally cash-less? I don’t see it happening immediately.” (AGENCIES)