TIL Desk/National/New Delhi/ Finance Minister Arun Jaitley once again defended the government’s demonetisation policy at FICCI’s 89th Annual General Meeting.
Highlights from his address:
* “Digital currency has supplemented cash transactions remarkably in past 5 weeks.” * “The whole process of remonetisation is not going to take a long time.” * Note ban is new normal. Last 70 years of normal wasn’t right.” * “India is now widely recognized as one of the fastest growing economies globally.” * This year is unusual for the world due to slowing growth, growing protectionism.”
* “On 16 September 2017, as far as current mode of taxation is concerned, the curtains will be down.” * “Having passed the constitutional amendment, there are several decisions which the GST Council has to take. I don’t see any major difficulty in those legislations being finally approved” * “Long-term benefits very clear even if we have to bear short-term inconveniences.”
* “Remonetisation will not take very long time, RBI will be able to complete it very soon.” * “Ideally, GST should start from Apr 1, 2017; constitutional necessity for new regime to come into force between Apr 1 and Sept 16.” * “India has capacity to take decision on demonetisation; it’s no longer a fragile economy.” * “Government took a courageous step on demonetisation.”
