Tuesday, 9 May 2017

Remonetisation to result in expansion of tax base: Finance Minister

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Finance Minister expansion of the tax base in the country. Arun Jaitley has said that remonetisation, following the world's largest note ban, has been substantially completed and the move will result in. In November 2016, the government junked 500 and 1,000 rupee notes, which made up 86.4 percent of the country's circulating currency. As demonetised currency was allowed to be deposited in bank accounts or exchanged for new currency, the government introduced new 2,000 and 500 rupee notes.

Commenting on the issue, Finance Minister Arun Jaitley told the media, "India was not a tax compliant society. A very large part of the economy was cash-centric. This problem needed to be addressed. It requires a lot of political courage to resolve the problem." “Prime Minister Narendra Modi on November 8 last year took the unprecedented decision to demonetize the high denomination currency, which was the largest currency replacement anywhere in the world. Eighty-six per cent of India's currency was replaced within a matter of few months. The remonetization got substantially completed.

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