The withdrawal of Rs 500 and Rs 1,000 notes was a "profound" and "very important" moment in the country's history and money 'sitting under mattresses' is being brought into the banking system, Minister of State for Civil Aviation Jayant Sinha today said.
"It (demonetisation) is a very profound and important moment in India's history. We will be bringing in money that is sitting under mattresses into our banks and circulated into the economy. So, we are bringing a lot of deposits into our banking system," Sinha, the former MoS in the finance ministry, said at a function here.
"We have the majority in Parliament, we have bold, decisive, visionary leader (Prime Minister Narendra Modi) who is willing to do what is necessary to transform India and we have done that with demonetisation stroke to remonetisation," he said.
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Sinha was delivering the third G Ramachandran memorial lecture organised by Southern India Chamber of Commerce and Industry (SICCI).
"It is a profound important move for our country. We need to build a different kind of economy," he said.
"As Finance Minister (Arun Jaitley) said yesterday, we need to move India from the old normal to new normal... We will bring lots of deposits into our banking system. We are expanding tax base and that is very important," he said.
Demonetisation also compresses the 'parallel' economy or the black economy, which is extremely important, Sinha added.
"Counterfeit currency has been pushed out. We know that. And we are also giving a massive boost to digital payments and the digital economy," he said.
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