New Delhi: Finance minister Arun Jaitley on Saturday hinted that not all of the Rs 15.44 lakh crore worth of currency junked will be remonetised through issuance of new notes as he said digital currency will fill the gap.
“One of the efforts of this exercise has to be that even though a reduced cash currency could remain, our conscious effort... (is) to supplement the rest with a digital currency,” he said while addressing annual general meeting of industry chamber FICCI here.
As many as 17,165 million pieces of Rs 500 denomination and 6,858 million pieces of Rs 1,000 banknotes were in circulation on November 8 when the government made the surprise announcement.
He said: “The whole process of remonetisation is not going to take a very long time and I’m sure very soon the Reserve Bank by injecting currency daily into the banking and postal system will be able to complete that.”
He also said that political parties have not been granted exemption post-demonetisation and introduction of Taxation Laws (Second Amendment) Act, recently.
The finance minister said that if there is any discrepancy in the books or records of political parties, they are as liable to be questioned by the I-T officers.
