Demonetisation impact is clearly visible on tax revenue: Jaitley

Photo of Union Finance Minister Arun Jaitley.

New Delhi: Union Finance Minister Arun Jaitley today went on to say that the effect of note ban is evidently visible with the India’s tax collection figures seeing double-digital growth. At a press conference, Jaitley stated: “The impact of demonetisation on tax revenue and collection is already visible. There has been a 26.2 per cent increase in central indirect tax collection till November 30. Till December 19, direct tax collection increase has been to the extent of 14.4 per cent.”

Union Finance Minister today also said that a large amount of notes have been replaced and more notes of Rs 500 are about to release. He also declared that the ability of banks to lend new currency has increased and also more currency was being re-circulated in the bank.

Jaitley further went on to say that: “Remonetisation has substantially advanced and not a single incident of unrest reported. Till December 19, mop up of direct tax has risen 14.4 per cent, indirect tax grew 26.2 per cent; central excise went up 43.3 per cent and Customs rose by 6 per cent.”

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