More Rs. 500 notes are about to be released: Jaitley

“Demonetisation has substantially advanced and not a single incident of unrest reported”, says Union Finance Minister Arun Jaitley on Thursday said a large part of currency has been replaced and more notes of Rs. 500 are about to be released. More currency was being re-circulated and the ability of banks to lend had increased, he claimed. “Till December 19, mop up of direct tax has risen 14.4 per cent, indirect tax grew 26.2 per cent; central excise went up 43.3 per cent and Customs rose by 6 per cent,” he said.

On the agricultural front, he said, Rabi sowing had risen 6.3 per cent over last year. “The critical part of demonetisation is now behind us, it will be much better, going forward”, Mr. Jaitley said. The life insurance business had seen an upward trend, petroleum consumption had increased and so were tourism and investments in mutual funds, he asserted. The Finance Minister, however admitted that though “there could have been an adverse impact of demonetisatin on GDP for a quarter or so, it is not as bad as predicted.” The critics were proved wrong, he said.

Saying that the “critical part” of demonetisation is now behind us, Union Finance Minister Arun Jaitley also said it will be “much better” going forward. The union finance minister revealed that the Reserve Bank of India now has a substantial amount of currency available for disbursement. He added that a large part of currency has been replaced and more new Rs 500 notes are being released everyday. With more more currency now circulation, Jaitley said that the ability of banks to lend money has substantially increased.

Courtesy : http://www.thehindu.com

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