Full text: FM Jaitley's take on two months of demonetisation

The Modi govt had absolute clarity from day one that it would move against the shadow economy

Two months have passed since the Prime Minister announced the decision that high denominational currency notes would cease to be a legal tender.

Subsequently those notes have been demonetised. When 86% of a country’s currency constituting 12.2% of its GDP, is squeezed out of the market and sought to be replaced by a new currency, there would obviously be significant consequences of that decision. Now that the queues outside the banks have disappeared and the remonetisation has moved ahead, it would be worthwhile to analyse the rationale behind the decision and its impact.

1) Steps against Black Money

The Narendra