Note ban aim was to formalise economy, says Jaitley as oppostition into govt

Note ban aim was to formalise economy, says Jaitley as oppostition into govt

New Delhi: Finance Minister Arun Jaitley on Thursday defended the note ban exercise undertaken by the government two years ago and said the real purpose of demonetisation was not the confiscation of cash but to bring it to the formal economy and make the holders pay tax.

"Confiscation of currency was not an objective of Demonetisation. Getting it into the formal economy and making the holders pay tax was the broader objective," Jaitley said on the second anniversary of demonetisation. He said the criticism of the demonetisation that almost the entire cash money got deposited in the banks was "ill-iformed."

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