Finance Minister Arun Jaitley has voiced his opinion about Demonetisation being for the good of the society time and again. In an ongoing Hindustan Times Leadership Summit (HTLS), 2016, FM Arun Jaitley has expressed his views about Demonetisation and its impact on the country. The Finance Minister said, “with the way things are changing, we can’t defy technology and the decision of demonetisation have only accelerated this.” He also added, looking at the temperament of India there is always a section of people that are not ready for change.
In the live streaming event, Jaitley also said, “Demonetisation will make political funding more transparent.” Referred to as Political Finance, it is the method in which political parties raise money for campaigning and daily activities. He also added that once demonetization is completed it will have a huge impact on the finance our country. Also, in India, only 3 percent of the population pay taxes and in this 2 percent apply for a refund. For this purpose, the government has picked 3,00,000 people for scrutiny of taxes every year. Even though India as a country, is on the verge of change, the battle between taxpayers and the people trying to beat the system will always continue.
Stating that large term effects of demonetisation are going to be huge, he also added for such a large democratic country people are very silent about their finances and political funding. He also said “From a developing economy to a developed one, we have come a long way in 70 years.”
Speaking about the digital economy, he gave statistics, like “We have 23 crore e-wallets in circulation, and this facility started only one-and-a-half years back.” Mr. Jaitley added “80 crore debit and credit cards in circulation out of which 45 crores are in circulation.”
The Finance Minister also said that business, trade and demonetisation are closely knit. With this move, the volume of trade and business with grow many fold in our country. He also added, “One of the advantages of this exercise is that you will reduce the quantum of paper currency.” This, he says, will lead India into becoming a superpower.
