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Better new year to follow with remonetisation to improve: Jaitely

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New Delhi: With the Governmnet’s promise of 50 days to improve financial condition and cash crunch situation following the November 8 massive cash repeal decision, Finance Minister Arun Jaitely on Thursday assured countrymen of better New Year with quick remonetisation.

Speaking to a media briefing just as the year is about to end, Jaitely said the economy has stabilised following the demonetization and will improve further. The critical part of demonetization is now over and the situation will only improve further, he said.

RBI has a large amount of currency. Majority of old currencies have been replaced. More Rs 500 notes are coming in circulation.

Demonetization has greatly benefited the economy, Tax collection has increased in double digits. “Till November 30, there has been an increase of 26.2 per cent in central indirect tax, including an increase of 43.5 per cent in excise duty, 25.7 per cent in service tax and 5.6 per cent in custom duty,” he said.

The minister also said that in spite of apprehensions many sectors like investment in mutual funds and life insurance, fuel consumption, and tourism showed good growths post demonetization.

Earlier on Wednesday the Prime Minsiter took a review of the economy following the demonetization move and the Centre looked poised to explain the situation with the year coming to end.

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