Afternoon D & C Dedicated To Mumbai
Home > Business > Remonetisation process almost complete, says Arun Jaitley

Remonetisation process almost complete, says Arun Jaitley

Friday, February 17, 2017

Union Finance Minister Arun Jaitely shakes hands with foreign Investors during the inauguration of  Global Investors summit-2017 'Momentum Jharkhand' in Ranchi, Jharkhand yesterday. Jharkhand Chief Minister Raghubar Das is also seen.

The remonetisation situation with regard to replenishing the scrapped currency is "almost normal" now and the Reserve Bank is monitoring the supply on a daily basis, Finance Minister Arun Jaitley said yesterday. "As far as remonetisation is concerned, the situation is almost normal and RBI is monitoring the currency supply position on daily basis," he said.

The government had withdrawn legal tender character of old Rs 500 and Rs 1,000 notes on November 2016 with an aim to check black money, counterfeit notes and terror financing. The government is now pushing and incentivising digital payments. Talking to reporters on the sidelines of 'Momentum Jharkhand Global Investors' Summit 2017, Jaitley said cash economy has many vices as it leads to crime and tax evasion.

Therefore there was need to change the way the trade and commerce is undertaken in the country, he added. When asked about the amount of scrapped currency received by banks post demonetisation, the Finance Minister said RBI Governor Urjit Patel had recently informed that the central bank would disclose the figure only after the process of currency verification is complete.

"Whatever time is required, RBI will take that much time. I would not like to say anything thing beyond that," he added. To a query on discrimination on royalty payment on minerals, Jaitley said it is done based on defined rule.

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
City news
The roll-back on the ban of liquor sale ...
Twenty-three-year-old Dravita Singh, a resident o
The Shiv Sena is in no mood to ...
I am 24 year old girl working since last 5 years.
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)You are an imaginative and enterprising person, and today you may taste success. Ganesha says that you are ambitious but warns you not to take on more work than you can handle. You are positive about your capabilities, so work sincerely and have faith in God.
- Advertising -
Read More