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Transcription of the Finance Minister s 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 against black money. The Second as far as corruption scandals were concerned, it peaked during that period. So from 2G scandal to coal block , CWG, VVIP helicopter Agusta Westland deal, each of the scandals, which is even today discussed in public space, .....

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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 actually a step in the direction of less cash economy. It's our strategy that from high cash dominated economy we should become a less cash economy where the amount of paper currency comes down. Cash will still exist and there would be a greater di .....

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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 come into the banking system. It has to be accounted for where taxes have not been paid, which will now be recovered. Future transaction would be substantially digital and once they are substantially digital, they would come in the tax net. Therefor .....

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