Business Other News 09 Jan 2017 Pain is nearly over: ...

Pain is nearly over: Arun Jaitley

DECCAN CHRONICLE. | DECCAN CHRONICLE
Published Jan 9, 2017, 12:57 am IST
Updated Jan 9, 2017, 1:04 am IST
Over doubts whether demonetisation will eliminate blackmoney as most of the demonetised currency has reportedly come in, Mr Jaitley said.
Arun Jaitley
 Arun Jaitley

New Delhi: Finance minister Arun Jaitley said on Sunday that the period of pain and inconveniences after demonetisation is getting over and economic activity is being restored.

Over doubts whether demonetisation will eliminate blackmoney as most of the demonetised currency has reportedly come in, Mr Jaitley said colour of funds has not changed by merely depositing them in banks as the money has now lost its 'anonymity' and can be identified with the owner.

Taking on opposition, Mr Jaitley said that while Prime Minister was being futuristic and thinking of technology driven cleaner economy, opposition parties including Congress sided with black money friendly status quo.

"The difference between Prime Minister Narendra Modi and Rahul Gandhi was clear - the Prime Minister was thinking of the next generation while Rahul Gandhi was only looking at how to disrupt the next Session of Parliament," said Mr Jaitley in a post on Facebook titled ‘Demonetisation — A look back at the last two months’.

“He (Mr Modi) is now speaking of cleaning the political funding systems,” said Mr Jaitley. Finance minister said that opposition parties exaggerated claims on the disruption of the economy have proved wrong.

“The banks today admittedly have a lot more money available in order to lend for growth.  Since this money constitutes low cost deposits with the banks, it is bound to bring down the rate of interest.  Both these things have already happened,” said Mr Jaitley.

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