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Critics have been proven wrong on impact of demonetisation: FM Jaitley

Jaitley said the rabi sowing is 6.3% higher than last year.

Critics have been proven wrong on impact of demonetisation: FM Jaitley
Jaitley said that the Reserve Bank of India has replaced the large part of old currency. Photo: Ministry of Finance
Written By: ZeeBiz WebTeam
Updated: Thu, Dec 29, 2016
03:56 pm
Mumbai, ZeeBiz WebDesk
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Finance Minister Arun Jaitley on Thursday said not a single incident of unrest has been reported since November 8, when Prime Minister Narendra Modi had announced the ban of high denomination currency.

He pointed out that the 'critics' have been proved wrong on the anticipation about the poor impact of demonetisation on Indian economy, "Impact of demonetisatin on GDP for quarter or so, but it is not as bad as predicted," Jaitley said as per a PTI report.

Thanking people of the country, Jaitley said, "We are extremely grateful to people of India who have supported the move of demonetisation."

Jaitley said that the Reserve Bank of India has replaced the large part of old currency and more notes of new Rs 500 have been released. "More currency being re-circulated and ability of banks to lend has increased", Jaitley said as per PTI reports. 

Moreover, FM said that till December 19, direct tax mop-up has risen by 14.4%, indirect tax grew by 26.2%, central excise up by 43.3% and customs rose by 6%. 

Jaitley said the rabi sowing is 6.3% higher than last year.

Hailing the demonetisation move, Jaitley also said that the life insurance, tourism, petroleum consumption, flow of Mutual Fund investment has increased during this (from November 8) period.