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Rejecting West Bengal Chief Minister Mamata Banerjee's comments on demonetisation, Union Minister Jayant Sinha on Wednesday said the note ban announced on November 8 last year was a "miracle and not a scam".
"In Bengal, under the leadership of Mamata Banerjee, demonetisation has been seen as a scam.
I tell her honestly and directly that it is a miracle, not a scam. It has been putting India on the path of competitiveness," he said at a programme here on the first anniversary of demonetisation.
Sinha, son of former Union Finance Minister Yashwant Sinha, said the note ban had led to a dip in corruption and would induce huge long-term benefits for the country's economy and offset short-term economic losses.
Demonetisation had also led to a change in people's behaviour and helped to increase the tax base and reduce dependence on cash in the economy, the Minister of State for Civil Aviation said.
The annual report of the Reserve Bank of India (RBI) revealed that Rs 15.28 lakh crore, or 99 per cent of the Rs 15.44 lakh crore of scrapped notes, came back into the system after demonetisation.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)