NEW DELHI: Demonetisation of Rs 500 and Rs 1,000 notes will expand the size of economy, increase revenue base and make the system cleaner while preserving its credibility, Finance Minister Arun Jaitley said today.
Addressing the media a day after the Government scrapped higher denomination currency, Jaitley said honest citizens would realise that “it pays to be honest and will have the satisfaction to be honest”.
In a surprise move, Prime Minister Narendra Modi yesterday announced demonetisation of Rs 500 and Rs 1,000 notes and introduction of the new Rs 500 and Rs 2,000 ones with additional security features.
The decision, Jaitley said, “will expand the GDP and make (the economy) cleaner. It will push revenue and more money will come into the banking system”.
Admitting that it will cause some inconvenience to the people, he said larger benefits will accrue to the economy in the long term. (AGENCIES)
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