Jaitley rubbishes demonetisation critics ahead of 50-day deadline

FM asserted that there has been a sharp jump in tax collections and economic activity

Rubbishing critics, Union Finance Minister Arun Jaitley on Thursday said the effects of demonetisation were not as adverse as was predicted and asserted that there has been a sharp jump in tax collections and economic activity, including in winter crop sowing.

Ahead of expiry of the 50-day deadline for depositing the junked 500 and 1000 rupee notes on Friday, he said the remonetisation process has substantially advanced, significantly without a single incident of unrest anywhere in the country.

However, the finance minister refused to hazard a guess on the GDP growth for the year or the possible impact on tax proposals in the his Budget for 2017-18 on account of increased revenue collections.