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Notes Ban Was To End Anonymity Of Cash, Says Arun Jaitley: 10 Updates

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Notes Ban Was To End Anonymity Of Cash, Says Arun Jaitley: 10 Updates

‘Some don’t understand the objectives of demonetization,’ said Finance Minsiter Arun Jaitley

New Delhi:  Indians have returned almost all of the estimated Rs 15.44 lakh crore ($242 billion) in currency banned by Prime Minister Narendra Modi in a shock move in November, the Reserve Bank of India (RBI) said in its annual report today. Fending off criticism that the notes ban failed to deliver on its purpose of tracking black or untaxed money, Finance Minister Arun Jaitley said: “That was not the objective of demonetization…it was not an exercise to confiscate money but to nudge India towards digitization, ending anonymity of cash.”


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