Arun Jaitley Thanks People For Supporting Notes Ban, Says 'We Are Extremely Grateful': Highlights

Arun Jaitley thanked people for supporting demonetisation.

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.