Demonetisation widened tax base: Arun Jaitley

The success of the November 2016 note ban came under attack after the RBI revealed that almost 99% of the banned currency had returned to the banks

Increase in volume of digital transactions, widening of tax base and squeezed circulation of high denomination currency were the real measures of success of demonetisation, Finance Minister Arun Jaitley said on Monday.

The success of the November 2016 note ban came under attack after the Reserve Bank of India revealed that almost 99 per cent of the banned currency had returned to the banks.

"Some circles have lack of understanding and measure success of demonetisation with only how much money reached banks," Jaitley said at the launch of Google's new digital payment app -- Tez.