Critical part of remonetisation is now behind us: FM Jaitley
With Prime Minister Narendra Modi's 50-day deadline on easing the demonetisation pain only a day away, Finance Minister Arun Jaitley on Thursday said that tax collection in November increased following demonetisation.
- Dec 29, 2016,
- Updated Dec 29, 2016 5:16 PM IST
With Prime Minister Narendra Modi's 50-day deadline on easing the demonetisation pain only a day away, Finance Minister Arun Jaitley on Thursday said that tax collection in November increased following demonetisation.
"Till December 19, direct tax mop-up rose 14.4 per cent, indirect tax grew 26.2 per cent; central excise up 43.3 per cent and customs collection was up by 6 per cent," FM Jaitley said while addressing the media.
"RBI has very large currency available, large part of currency have been replaced and more notes of Rs 500 being released," Jaitley added.
Finance Minister Arun Jaitley further said that remonetisation has substantially advanced and not a single incident of unrest reported after the move. "Critical part of remonetisation is now behind us, it will be much better, going forward," he added.
ALSO READ: Demonetisation impact: Note ban plays party pooper
Reassuring the public on the health of economy, FM Arun Jaitley said that Life insurance business is up, petroleum consumption has increased and so have tourism and investments in mutual funds.
With Prime Minister Narendra Modi's 50-day deadline on easing the demonetisation pain only a day away, Finance Minister Arun Jaitley on Thursday said that tax collection in November increased following demonetisation.
"Till December 19, direct tax mop-up rose 14.4 per cent, indirect tax grew 26.2 per cent; central excise up 43.3 per cent and customs collection was up by 6 per cent," FM Jaitley said while addressing the media.
"RBI has very large currency available, large part of currency have been replaced and more notes of Rs 500 being released," Jaitley added.
Finance Minister Arun Jaitley further said that remonetisation has substantially advanced and not a single incident of unrest reported after the move. "Critical part of remonetisation is now behind us, it will be much better, going forward," he added.
ALSO READ: Demonetisation impact: Note ban plays party pooper
Reassuring the public on the health of economy, FM Arun Jaitley said that Life insurance business is up, petroleum consumption has increased and so have tourism and investments in mutual funds.