Demonetisation biggest step in 70 years; remonetisation will not take long: Jaitley

Mangalore Today News Network

New Delhi, Dec 17, 2016 : "As far as the decision with regard to currency is concerned, I think it marks a very important beginning," Jaitley said adding, "The process of remonetisation is not going to take a lot of time."
Finance Minister Arun Jaitley has said that demonetisation is the biggest step taken against black money and wrongful economic practices in the country in the last 70 years.

 

Jaitley said that only a minor segment of parliamentarians are opposing the demonetisation move, which will bring far more greater long term benefits for the country.

Finance Minister Arun Jaitley was speaking at a function at FICCI in New Delhi. He said that what had been normal for 70 years could not be allowed to continue as it had several adverse economic and social consequences.

GST NEXT BIG THING

Speaking at the FICCI’s 89th Annual General Meeting, Finance Minister Arun Jaitley asserted that goods and service tax, slated to come in force from next year, would bring another phase of big economic reforms in the country.

"On 16 September 2017, as far as current mode of taxation is concerned, the curtains will be down," remarked Jaitley adding, "Ideally, GST should start from April 1, 2017. The constitutional necessity for it to come into force is between April 1 and September 17."

Jaitley expressed hope that the required legislations by Parliament and state assemblies to bring GST into effect would be enacted well in time.

"There are about 10 important decisions which have already been taken with consensus. Legislations, which have to be passed by Parliament under constitutional amendment and also by state legislatures, are currently in process of being drafted," Jaitley said.

GLOBAL SLOWDOWN REFLECTING IN INDIA

In an attempt to dispel worries about decline in GDP growth rate due to demonetisation, Jaitley said that the global slowdown was affecting Indian economy. However, he exuded confidence that Indian economy would do well.

"Amongst the emerging economies, if we look at India, I think it is a refreshing change from what is happening in rest of the world," the finance minister said.

Jaitley further said, "Brexit-vote surprised many. Most people felt that eventually one of the world’s most matured democracies will not vote the way it did."

 

Courtesy:Indiatoday