Minister Arun Jaitley:Process of remonetisation to reduce quantum of paper currency after Nov 30:
Prime Minister Narendra Modi today said, large volumes of cash are a big source of corruption and black money. In an article posted on social media platform, Mr Modi said corruption slows down growth and takes a toll on the dreams of the poor, neo-middle class and middle class. He said in the 21st century India, there is no place for corruption.
Prime Minister, appealed to the people to lead the change towards cashless transactions to lay the strong foundations of an India where there is no place for such malaise. He said today we live in an era of mobile banking and mobile wallets.
Ordering food, buying and selling furniture, ordering a taxi all of this and lot more is possible through mobiles. Mr Modi said technology has brought speed and convenience in our lives.
Along with the article, Prime Minister posted pictorial references to cashless options like credit cards.
Government today lashed out at opposition for disruptions in Parliament on demonetization issue alleging that they are not allowing both the Houses to function fearing that they will be exposed.
Talking to reporters outside Parliament, Minister of State in Prime Minister’s office, Dr Jitendra Singh said the entire nation is with the Prime Minister over the issue, but opposition parties are trying to create a controversy. He said, opposition members are not allowing the Rajya Sabha and the Lok Sabha to function as it will give a chance to the government to explain to the people the benefits of the move.
Accusing the opposition of running away from debate, Parliamentary Affairs Minister Ananth Kumar said, despite Prime Minister’s presence in the Rajya Sabha yesterday, Congress did not allow the debate. He reiterated that the Finance Minister is ready to reply to the debate in both the Houses and Prime Minister will intervene.
Union Minister and BJP leader Ravi Shankar Prasad has also hit back at Congress vice president Rahul Gandhi for his remarks against government’s demonetization process. Mr Prasad told reporters outside Parliament that the government is taking anti-corruption steps to strengthen the country’s economy and not for the TRP. He said, it appears that Mr Gandhi is disturbed due to the success of demonetization. He claimed that public is appreciating the move in the country.
Earlier, Congress Vice President Rahul Gandhi had criticized the government on demonetization alleging that the Prime Minister has confused India’s cash economy with black economy.
Chairing Congress Parliamentary party meeting this morning, he said that all cash in circulation in the country is not black money. Mr. Gandhi also criticized the government’s foreign policy with regard to Pakistan and said it has failed.
Union Finance Minister Arun Jaitley has said, Demonetisation is the new normal confronting black money which was a norm in India for seven decades. He said level of paper currency released will not be same as before 8th November.
Addressing a media group leadership summit in New Delhi today, he said process of remonetisation will reduce the quantum of paper currency after 30th of this month. Mr Jaitley said it will change the way people are spending and shopping.
The Minister said volume of trade, business will grow but size of paper currency will shrink.
He said, the balance of fewer currency will be replaced with other modes like e-wallets, credit cards and debit cards. Mr Jaitley said, 80 crore credit and debit card are in circulation and 45 crore have become active. He said, 24 crore e-wallets have been opened in just one and a half years.
On impact of demonetisation on economy, the finance minister said, rabi sowing is higher than last year and there is mixed trend in auto sales. He said GST and demonetisation are game changers and investors will be wary of states seen on wrong side of reforms.
On GST implementation, he said constitution does not provide for delay in GST implementation. He said, it has to implemented by 16th September, 2017 and Government intention is to implement it by 1st April.
On Opposition, Mr Jaitley said Mr Manmohan Singh was also completely isolated at the time of economic reforms in 1991. He said once the remonetisation process is completed, it will hugely impact the India’s business. He added, Digitised tax system will become far more efficient and each limp of transaction will be mapped in the system. He said government will have wider tax base and eventually the tax rates will come down because of this.
Mr Jaitley said country has welcomed demonetisation. He said, it’s difficult to estimate disruption in this quarter but the impact won’t last.
Government has said that old 500 rupee notes will not be accepted at petrol, diesel and gas outlets of public sector oil and gas marketing companies as well as for purchase of air tickets at airports from midnight tonight. Earlier the government had allowed payment through old 500 notes in these categories till 15th of this month.
However, Supply of LPG continues to be in exempted category for payment through old 500 rupees notes.
Finance Ministry in a release said, as outlets of the oil and gas marketing companies are better equipped to accept payments through digital means, the government has removed such outlets from the exempted categories for receipt of old 500 rupees notes.
The Ministry said, the processes of production, dispatch and distribution of currency notes have been continuing and more cash is flowing into the system steadily. The digital transactions have also made an impressive progress and are expected to significantly improve during the coming days.
Finance Ministry said, the other exempted categories including utility bill that have earlier been notified will continue to accept old 500 rupee notes as per notifications.
5.2 magnitude quake hits Uttarakhand
A medium intensity earthquake, measuring 5(point)2 on the Richter scale, shook Uttarakhand late last night. Epicentered in Dharchula near the India-Nepal border, the quake hit Pithoragarh, Champawat, Almora, Nainital and Udham Singh Nagar districts of Uttarakhand.
MeT department in Dehradun said, the quake occurred at 10.23 PM.
There was no immediate report of any casualty from anywhere.
There was no immediate report of any casualty from anywhere.
Earlier yesterday, an earthquake measuring 3.3 on the Richter scale had hit the Kullu region of Himachal Pradesh. The Kullu earthquake had occurred at 4.12 AM.
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