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On Demonetisation Anniversary, Opposition, Govt At Loggerheads Over Its Effect | India News

Posted on February 21, 2017 by Joyce Tick
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On Demonetisation Anniversary, Opposition, Govt At Loggerheads Over Its Effect | India News

On the second anniversary of the invalidation of high-value currency notes, finance minister Arun Jaitley rose to the defence of the National Democratic Alliance (NDA) government on Thursday in the face of a barrage of criticism by Opposition leaders, including former prime minister Mahmohan Singh who said the scars on the economy were becoming more visible, and Congress president Rahul Gandhi who called it a “day of infamy.”

Jaitley, in a blog post, wrote that the ban on old Rs 500 and Rs 1,000 notes was needed to shake up the system and move India from cash to digital transactions.

“An ill-informed criticism of demonetisation is that almost the entire cash money got deposited in the banks. Confiscation of currency was not an objective of demonetisation,” Jaitley said in the post that coincides with protests planned by the Congress to mark the anniversary.