Demonetisation effect won't spill over to next year: Jaitley

Supporting the government's demonetisation move which will create a "bigger, cleaner and real" GDP, Union Finance Minister Arun Jaitley on Wednesday insisted that the effect of the Centre's move to scrap high currency notes would not spill over to next year and the situation would soon reach comfortable levels.

Presenting his fourth Budget and the first after the notes ban, Jaitley said, "Demonetisation is a bold and decisive measure, for many decades tax evasion was a way of life for many."

"Demonetisation seeks to create a GDP which is bigger, cleaner and real. Demonetisation seeks to create a new normal. It will only have a transient impact," he added.

Jaitley further asserted that the pace of remonetisation has picked up and will soon reach comfortable level.

"Effects of demonetisation are not expected to spill over to next year," he said.

He also said that the Goods and Services Tax (GST) and demonetisation are 'tectonic' changes for the Indian Economy.