Demonetisation a watershed moment in Indian history: Jaitley on note ban anniversary

'The loot is what happened in 2G scam and allocation of coal blocks, whereas demonetisation was an economic exercise based on ethical and moral rationales,' the FM said

Finance Minister Arun Jaitley on Tuesday called demonetisation a “watershed moment in the history of Indian economy”. He quoted data extensively to make a case for the announcement by Prime Minister Narendra Modi’s announcement on November 8 last year to put 86 per cent of currency out of circulation.

In a blog and at a press conference later at the Bharatiya Janata Party (BJP) headquarters here, Jaitley said the note ban had achieved its objectives of reducing the cash component in the economy, widening the tax net, exposing unaccounted wealth and reducing anonymity of cash. The FM also rejected criticism