Demonetisation process is almost complete: Jaitley

February 25, 2017 21:35

Finance Minister Arun Jaitley said the demonetisation process is almost complete, hailing it as the "smoothest possible replacement" of high denomination currency anywhere in the world.

Describing the government's decision to take Rs 500 and Rs 1,000 notes out of circulation as a move towards creating a "new normal" in India, the minister told an audience of students and academics at the prestigious London School of Economics that it would ultimately lead to far higher growth

rates.

"We have almost completed the demonetisation process and it has been the smoothest possible replacement of currency anywhere in the world," said Jaitley.

"Demonetisation was a move to change the Indian normal... a new normal had to be created. A predominantly cash economy has now to be substituted with a digital economy, which will bring more money into the banking system and lead to better revenue generation; the integration of the informal economy with the more formal one is now taking place.

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