New Delhi: Arun Jaitley thanks people for supporting demonetisation.
Here are the highlights of his speech:
- Remonetisation has substantially advanced; not a single incident of unrest reported.
- RBI has very large currency available; large part of currency replaced and more notes of Rs 500 being released.
- More currency being re-circulated and ability of banks to lend has increased.
- Till December 19, direct tax mop-up has risen 14.4 per cent, indirect tax grows 26.2 per cent; central excise up 43.3 per cent and Customs rose 6 per cent.
- Life insurance business up, petroleum consumption increased and so are tourism and investments in mutual funds.
- We are extremely grateful to the people of India who supported demonetisation move.
- The net increase seen on direct taxes is 13.6 per cent.
- The Rabi crop sowing is 6.3 per cent higher as compared to last year.
- Large benefits of demonetisation are visible, what is in banks is identifiable impact on tax collection already visible.
- Notwithstanding what critiques predicted, in all segments there has been significant increase in indirect taxes.
- 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.