Note ban is new normal. Last 70 years of normal wasn't right: FM
December 17, 2016 11:03
Finance Minister Arun Jaitley on Saturday once again defended the government's demonetisation policy at FICCI's 89th Annual General Meeting.
Highlights from his address:
* "Digital currency has supplemented cash transactions remarkably in past 5 weeks."
* "The whole process of remonetisation is not going to take a long time."
* Note ban is new normal. Last 70 years of normal wasn't right."
* "India is now widely recognized as one of the fastest growing economies globally."
* This year is unusual for the world due to slowing growth, growing protectionism."
* "On 16 September 2017, as far as current mode of taxation is concerned, the curtains will be down."
* "Having passed the constitutional amendment, there are several decisions which the GST Council has to take. I don't see any major difficulty in those legislations being finally approved"
* "Long-term benefits very clear even if we have to bear short-term inconveniences."
* "Remonetisation will not take very long time, RBI will be able to complete it very soon."
* "Ideally, GST should start from Apr 1, 2017; constitutional necessity for new regime to come into force between Apr 1 and
Sept 16."
* "India has capacity to take decision on demonetisation; it's no longer a fragile economy."
* "Government took a courageous step on demonetisation."
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