Free Press Journal

India has largely welcomed demonetisation: Arun Jaitley


Indian Finance Minister Arun Jaitley speaks during a press conference in New Delhi on November 9, 2016. India's government tried to quell the panic November 8 caused by a bombshell decision to withdraw 500 and 1,000 rupee notes from circulation after cash machines ran dry and shares slid. A day after Prime Minister Narendra Modi announced the notes would no longer be legal tender in a blitz against "black money", his finance minister said replacement 500 and 2,000 rupee bills would be available from November 10 and only tax dodgers stood to lose out from the move. / AFP PHOTO / PRAKASH SINGH

New Delhi: Indians have accepted the decision to demonetise higher value currency and are cooperating in transforming the country’s economy and society, Union Finance Minister Arun Jaitley said on Friday.

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“People have been cooperating immensely with the demonetisation exercise and the country by-and-large has welcomed the decision,” Jaitley said at the Hindustan Times Leadership Summit here.

“I don’t find any social unrest… The queues are by-and-large disciplined,” he said, referring to the lines outside banks and ATMs after the November 8 announcement.

“If you ask the person standing in queue about demonetisation, he or she is likely to say — I’m troubled, but am happy this decision has been taken,” Jaitley said.

He said that this patience being shown was guided by the long term benefits that would come from the decision.

Jaitley also called the demonetisation “the new normal” confronting black money which was the norm in India for seven decades.

“Black money has been a norm in India for seven decades, we want to confront it and create a new normal,” Jaitley said.

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He said the demonetisation move would ensure that political funding to become “transparent”.

He said “We are at the cusp of change and the battle between the taxman and the people who try to beat the system will continue.”