Demonetization was structural reform, needs political courage to shoulder responsibilities: Arun Jaitley

New Delhi, November 7: Union Finance Minister Arun Jaitley speaking about Centre’s major decision to curb black money claimed that demonetisation was not a failure. Speaking at the India Today conclave, Jaitley said demonetisation is a move that should not be seen in isolation.

“We are conscious of the challenge that this is something to be done at the level of municipal bodies and even the local Panchayats, your land records are online and therefore, the introduction of these systems in goverance, the impact it would have on reducing the level of corruption and obviously, countributing to governance itself."

A day before the first anniversary of demonetisation, Arun Jaitley stressed that demonetisation was a big structural reform and ultimately every structural reforms will have some consequences.

He also said that if one does not have the capacity to take reforms, the status quo would continue. He added that NDA government has succeeded in bringing to centre-stage, the manner in which financial transactions in India should be carried out.

The Finance minister also said that data gives more appropriate analysis and thus, technology becomes the most powerful weapon in governance.

FM Arun Jaitley further said that India Jumped 30 Places in Ease of Business and our largest jump was in the area of Taxation. He added that significantly India moved up in 53 positions in tax, even when GST was not implemented.

Prime Minister Narendra Modi had on November 8 last year announced the demonetisation of old Rs 500 and Rs 1,000 notes to combat corruption, black money, terrorism and fake currency.

Of the Rs 15.44 lakh crore worth of notes withdrawn from the circulation, Rs 15.28 lakh crore had been deposited back as on June 30, 2017. Currency worth Rs 17.77 lakh crore was in circulation on November 8 last year.