Union minister Arun Jaitley address the media on the first anniversary of the note ban saying demonetisation was a watershed moment for the Indian economy. Excerpts from his speech in which he also addressed what former PM Dr Manmohan Singh said. Dr Singh called demonetisation 'organised loot and legalized plunder'.

Arun Jaitley's speech:

-- An anti-black money drive is a moral step, loot toh vo hoti hai jo 2G, CWG mein huyi, coal block allocation mein huyi.

-- All that Dr Singh has to do is to compare global credibility of Indian economy pre-2014 and post-2014.

-- Congress's primary object is to serve the family and our primary object is to serve the nation.

-- Terror funding was squeezed because of demonetisation, shell companies were also easily identified.

-- Demonetisation one-off solution hai aur isse saari samasyaien khatam ho jayengi aisa nahi hai, lekin isse agenda badla hai.

-- More money came in mutual funds, capital market after demonetisation; It was a structural reform under the leadership of PM Modi.

-- Anti-blackmoney drive is a moral step. The Congress never took
any big step against black money.

-- BJP believes that the status quo in economy needed to be shaken
up.