“Remonetisation has substantially advanced and not a single incident of unrest has been reported,” Jaitley had said. The union finance minister revealed that the Reserve Bank of India has a substantial amount of currency available for disbursement. He added that a large part of currency has been replaced and more new Rs 500 notes are being released everyday. With more currency now in circulation, Jaitley said that the ability of banks to lend money has substantially increased.
said. He also announced that there has been a rise in tax collection. “Till December 19, direct tax mop-up has risen 14.4%, indirect tax grows 26.2%; central excise up 43.3% and Customs rose 6%,” Jaitley said.
On the impact of demonetisation on the GDP, Jaitley said that critics have been proved wrong.”Critics proved wrong.
A large part of the demonetised currency has been replaced and more new notes of Rs 500 are being released for circulation,” he added. On the impact of demonetisation on the GDP, Jaitley said that critics have been proved wrong.”Critics proved wrong. There could have been adverse impact of demonetisation on GDP for a quarter or so, but it is not as bad as predicted,” he JANUARY 2017 | WWW.WISHESH.COM