Large benefits of demonetisation visible; most part of old currency notes remonetised, says Jaitley

Arun Jaitley said that the Reserve Bank of India (RBI) has very large currency available adding that large part of old currency notes replaced and more notes of Rs 500 being released.

New Delhi: As the 50-day deadline for completion of demonetisation process draws near, Finance Minister Arun Jaitley on Thursday said that the Reserve Bank of India (RBI) has very large currency available adding that large part of old currency notes have been replaced and more notes of Rs 500 being released.

Addressing the media in the national capital, Jaitley said that remonetisation has substantially advanced and not a single incident of unrest has been reported.

Here are the key highlights of Arun Jaitley's address:

- We are extremely grateful to the people of India who supported Demonetisation move

- The Rabi crop sowing is 6.3 percent higher as compared to last year

- More currency being re-circulated and ability of banks to lend has increased

- Till December 19, direct tax mop-up has risen 14.4 percent, indirect tax grows 26.2 percent; central excise up 43.3 percent and Customs rose 6 percent

FM @arunjaitley : Gross direct tax collections growing at a rate of 14.4% over last year. This growth rate was only 8.3% previous year. — Ministry of Finance (@FinMinIndia) December 29, 2016

- Not withstanding what critiques predicted, in all segments there has been significant increase in indirect taxes

- Large benefits of the move are visible, what is in banks is identifiable impact on tax collection already visible

- Life insurance business up, petroleum consumption increased and so are tourism and investments in mutual funds

- Critical part of remonetisation is now behind us, it will be much better, going forward

- Critics proved wrong. There could have been adverse impact of demonetisatin on GDP for quarter or so, but it is not as bad as predicted

- What comes to banks is accountable; impact on tax collection already visible