Arun Jaitley Spells Out Benefits of Demonetisation, Says Aadhaar Will Stand The Test of Constitutionality
New Delhi, Sept 13: Finance Minister Arun Jaitley on Wednesday spelled out the results of demonetisation while also expressing confidence in Aadhaar. Addressing a conclave on Financial Inclusion, Jaitley said that post demonetisation, there was an emphasis in India on reducing the quantum of cash. “The results of demonetisation include volume of cash reduced, tax base increase and more formalisation of the economy,” said the Finance Minister.
Speaking on Aadhaar, he said, “The full potential of Aadhaar was not realised when it was brought in, it was an evolving idea.” He added that the Aadhaar legislation will stand the test of Constitutionality. This comes amidst questions raised on Aadhaar being linked to majority of services and schemes with respect to breach of privacy of the citizens of India.
Jaitley also highlighted the benefits of Jan Dhan Yojana, saying the number of zero balance accounts was down drastically. “Zero balance accounts under PM Jan Dhan Yojana down to 20 per cent from 77 per cent in 3 years. Number of accounts opened for disadvantaged sections have been significantly large,” he said.
The government had received flak after the Reserve Bank of India (RBI) last month released data on demonetisation in its Annual Report of 2016-17. According to RBI, 8.9 crore notes of 1000-rupee denominations were not deposited back following the note ban. The undeposited currency amounts to 1.3 per cent of the total 1000-rupee notes which were demonetised.