Arun Jaitley presents demonetisation report card one day before deadline; claims economy is safe, double digit growth

Finance Minister Arun Jaitley presented report card on demonetisation, a day before Prime Minister Narendra Modi government's 50-day cash deadline to end.

While addressing a news conference, Jaitley claimed the cash ban and remonetisation exercise was a successful and expressed thanked people supporting them.

"Not a single untoward incident was reported in the country after demonetisation. We are extremely grateful to the people of India who supported demonetisation move,” said Jaitley.

Modi had announced old Rs 500 and Rs 1000 notes as illegal tender on November 08, leading to long queues outside ATMs and banks.

"RBI has very large currency available; large part of currency has been replaced and more notes of Rs 500 are being released,” said Jaitley, adding “And therefore we can now see more currency in the market.”

He said there was no big adverse impact of demonetisation scheme and remonetisation had substantially advanced.

“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%. Life insurance business up, petroleum consumption increased and so are tourism and investments in mutual funds,” said Jaitley.

Jaitley said large benefits of demonetisation are visible, what is in banks is identifiable impact on tax collection already visible. “The net increase seen on direct taxes is 13.6 per cent. The Rabi crop sowing is 6.3 per cent higher as compared to last year,” he added.