Note ban criticism galore as govt takes back seat


Finance Minister Arun Jaitley said the objective was achieved as the move ended anonymity surrounding money, and his officials corroborated data points to prove it was a success.

Jaitley also said that there was a significant increase in income tax collections.

“The note ban has ended the anonymity surrounding money. Demonetisation shook the system. The country also benefitted on the direct taxes front after the note ban. Income Tax returns filing has increased by 25%. Significant additions to July GST collections, too, is seen,” Jaitley said at the “India Summit 2017”.

Immediately after Jaitley’s assertion, his deputy, Arjun Ram Meghwat, and a host of ministers, including Power Minister Piyush Goyal, Information and Broadcasting Minister Smriti Irani and MSME Minister Kalraj Mishra, took to twitter to defend demonetisation.

Economic Affairs Secretary Subhash Garg held a press conference to elaborate on the gains. He also ruled out opening another window for depositing the scrapped Rs 500 and Rs 1,000 notes.

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