Union Budget 2017: Finance Minister Arun Jaitley Defends Notes Ban Early In Budget Speech

Mangalore Today News Network

New Delhi, Feb 01, 2017: Finance Minister Arun Jaitley defended the notes ban in the early part of his Budget speech on Wednesday, saying its impact is not expected to spill to the next financial year.

"Demonetisation is a bold measure against decades of tax evasion," Mr Jaitley said, asserting that it would have an "epoch-making" impact on the lives of people.

The notes ban was suddenly announced by Prime Minister Narendra Modi on November 8. Notes of Rs. 500 and Rs. 1,000 were devalued, which took away 86 per cent of the cash in circulation and left millions queuing up at banks and ATMs for cash.

"Demonetisation seeks to create a GDP which is bigger, cleaner and real," the finance minister said.