The Union Finance Minister Arun Jaitley cleared on demonetisation that it is the new normal confronting black money which was a norm in India for seven decades.
At the Hindustan Times Leadership summit, the Finance Minister Arun Jaitley on demonetisation, said “Black money has been a norm in India for seven decades, we want to confront it and create a new normal.”
He also said that the move of the demonetisation of old notes of Rs 500 and Rs 1000 would ensure that political funding become “transparent.”
He also added, “Today each person gets assessed for tax at least thrice. In future, the effort is to simplify and ensure just one assessment.”
He further 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 said that Centre has taken “one step out of the many” on demonetisation.
Jaitley said, “We have taken a lot of steps in international financial co-operation to ensure real-time sharing of information. The impact of tax evasion is that budgets end up having deficits both at the Centre and in the states.”
To stop corruption, the Prime Minister Narendra Modi’s government announced decision on November 8. After which Rs 500 and Rs 1000 old notes were declared as illegal tender.
--with agency inputs
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