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Transcription of the Finance Ministerís Statement made to media today

News and Press Release - Dated:- 13-12-2016 - The Congress party was in power for 10 years continuously from 2004-14. There were two striking features of that regime. The First that it did not take even a single step either against corruption or agai .....

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belongs to that period. Given this scandalous record, it is not surprising that Congress party is extremely uncomfortable with anti-corruption campaign that the NDA Government led by Prime Minister Narendra Modi has launched. A society which only de .....

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n cash. These are the costs which system has to bear. And therefore, the present NDA Government has started overhauling the system. The demonetisation drive currently on, is at a stage where high denomination has ceased to be a legal tender. It is ac .....

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gitisation. In fact, we see with a sense of satisfaction, a huge movement in favour of digitisation which is taking place. There are obvious advantages of this. Notwithstanding some transient problem which people have to face, we are now rapidly comp .....

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ssure down. As more and more new currency comes into circulation, the recirculation itself in the banking system & ATMs will make more currency available. The advantages are,so much money which was operating as loose cash in the system, has today .....

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e, the future taxation level would be much higher than what is currently being collected. This would also enable the Government at some stage to make taxes more reasonable which will apply to both direct and indirect taxes. The banking system will ha .....

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ore, the cash used for bribery, for counterfeit currency, for terrorism, for evading taxes itself will go down. When this is seen along with many other reforms Government is bringing about particularly the proposed GST, the restrictions on cash spend .....

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therefore urge my friends in Cong party, and the entire opposition, we are ready to debate this issue in Parliament. Rise above slogans and look at the positive advantages that these changes in system in the long run are going to bring to the economy .....

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