Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
News18 » India
1-min read

Cash Pain to Stay, Arun Jaitley Says Printing New Notes Will Take Time

Union Finance Minister Arun Jaitley said on Friday said that secure printing of the new currency notes is a time-consuming exercise.

News18.com

Updated:December 2, 2016, 1:25 PM IST
facebookTwitter Pocket whatsapp
Cash Pain to Stay, Arun Jaitley Says Printing New Notes Will Take Time
File photo of Finance Minister Arun Jaitley.

New Delhi: Union Finance Minister Arun Jaitley said on Friday said that secure printing of the new currency notes is a time-consuming exercise.

“If you need to replace 86% of a country’s cash currency, you have to have a substantial part ready," he said while addressing the inaugural session of HT Leadership Summit 2016.

Jaitley defended the case of demonetisation by linking it to the cause of a digital economy. One of the advantages of this exercise is that it will reduce the quantum of paper, he said.

“Once remonetisation is complete, will see more of digitised expenditure, developed taxation system, ease of business,” he said.

“Black money has been a norm in India for seven decades, we want to confront it and create a new normal," he added.

Volume of trade, business will grow but size of paper currency will shrink, he claimed. He also stressed that India will continue to be fastest growing major economy in world like last year. He added that Rabi sowing is higher than last year; mixed trend in auto sales.

Jaitley said some disruption is bound to be created due to switchover but long term advantages are huge and the country has welcomed demonetisation. He said the demonetisation move would ensure that political funding become "transparent".

"Today each person gets assessed for tax at least thrice. In future, the effort is to simplify and ensure just one assessment," he said.

"We are at the cusp of change and the battle between the taxman and the people who try to beat the system will continue," he added.

Jaitley said demonetisation was one of many steps that government was planning to take to transform the economy while pitching the case for GST.

“GST is now a constitutional compulsion before the 16th Sept 2017. The Intention was to implement it from 1st of April 2017. Once the remonetisation is completed, it will impact the business and will be a new way of life,” he said.

GST and demonetisation together will be a game changer, he added.

However, he also issued a warning to the states that were opposed economic reforms. “Investors will be wary of some states seen on wrong side of reforms,” he said.

Support the daily wage earners who have been hit the hardest by the COVID-19 crisis. Click here to contribute to the cause. #IndiaGives

The daily News18 Coronavirus COVID-19 newsletter - Get your copy here.

Subscribe to News18 Daybreak. Follow us on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube

| Edited by: Ananya Chakraborty
Read full article

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results

India

  • Active Cases

    3,030

     
  • Total Confirmed

    3,374

     
  • Cured/Discharged

    266

     
  • Total DEATHS

    77

     
Data Source: Ministry of Health and Family Welfare, India
Updated: April 05 (09:00 AM)
Hospitals & Testing centres

World

  • Active Cases

    891,902

     
  • Total Confirmed

    1,203,459

     
  • Cured/Discharged

    246,803

     
  • Total DEATHS

    64,754

     
Data Source: Johns Hopkins University, U.S. (www.jhu.edu)
Hospitals & Testing centres