New Delhi: Claiming that Demonetisation was a “watershed moment for India”, Finance Minister Arun Jaitley on Tuesday said it has led the nation to a more transparent paradigm.
Speaking on the occasion of the anniversary of demonetisation, Jaitley hit out at the Congress and former Prime Minister Manmohan Singh, who earlier in the day had called notes ban “an organised loot” and usherer of a black day for India.
“As far as corruption is concerned, the view points of the Congress and ours are completely different. The Congress is for serving a family and we want to serve the nation. Loot is what happened in the allocation of coal blocks or 2G,” he said.
Refuting Singh’s contention that demonetisation has not served any purpose, Jaitley said the measure left exposed 18 lakh people as having disproportionate deposits.
“Terror funding was squeezed because of Demonetisation, shell companies also being easily identified,” he said.
Jaitley said Rs 13716 cr of undisclosed income detected in surveys in 2016-17 higher by 41 per cent YoY.
The Finance Minister said Demonetisation was needed to boot out black money and one of its important objectives was to make India a less cash economy.
“Fall in currency in circulation indicates the objective was met,” he said.
“The country was moved to a more transparent system.”
“Post demonetisation our country has moved on to a much cleaner, transparent and honest financial system which will benefit future generations,” the Finance Minister said.
Earlier in the day, while speaking at a programme in Ahmedabad, Manmohan Singh called demonetisation an “organised loot and legalised plunder.”