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9 November 2016
Union Finance Minister Arun Jaitley
said on Wednesday that the old currency notes of Rs500 and Rs1,000, which are
no longer the legal tender, will be fully replaced with the new currency notes
in the coming three-four weeks. The Total Investment & Insurance
Solutions
"In next three-four weeks,
entire exchanged currency will be in the market. We will become a more
tax-compliant society," Jaitley told DD News in an interview.
The currency notes of Rs500 and
Rs1,000 denomination ceased to be legal tender from Tuesday midnight. The Total Investment
& Insurance Solutions
Jaitley said the bold move of the
government will put an end to the parallel economy.
"Parallel economy has
disadvantages. The government has taken a bold step to help country in the long
run. If longer window was given, people would have found ways to evade
tax," he said, adding that those who have legitimate money have nothing to
worry about.
The move, which is expected to help
the economy move towards a cashless society, will also lead to increased
deposits in the banks and official transactions will get a boost, he said.
"Cash money supply will go
down, obviously. In the long run, direct and indirect taxes both will be
affected. Every state will benefit, the revenue kitty will increase,"
Jaitley said.
He warned that though there is no
limit on depositing cash in the bank accounts, if the money is unaccounted,
then law will take its course. The Total Investment & Insurance
Solutions
"It will have a positive effect
on the Indian economy in the long run," he added.
Prime Minister Narendra Modi in a
televised address to the nation on Tuesday evening said that all the Rs 500 and
Rs 1,000 denomination notes can be deposited in banks and Post Offices between
November 10 and December 30. The Total Investment & Insurance
Solutions
They can also be exchanged across
the bank counters by showing government-issued ID proof. The Total Investment
& Insurance Solutions
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