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  Business   Economy  14 Mar 2017  BJP’s massive win proves people backed note ban: Jaitley

BJP’s massive win proves people backed note ban: Jaitley

Published : Mar 14, 2017, 11:49 am IST
Updated : Mar 14, 2017, 4:22 pm IST

Finance Minister says only purpose of note ban was to launch crackdown on tax evaders and benefit the poor.

Finance Minister Arun Jaitley. (Photo: PTI)
 Finance Minister Arun Jaitley. (Photo: PTI)

Mumbai: Finance Minister Arun Jaitley who is also holding additional charge as Defence Minister for the first time spoke about Bharatiya Janata Party’s landslide victory in crucial state of Uttar Pradesh.

In an interview to CNN-News18, Jaitley said only purpose of banning Rs 1,000 and Rs 500 currency notes was to tighten the noose around tax evaders and use the proceeds for benefit of the poor.

“Above all government never wanted a shadow economy to run parallel to the formal economy,” Jaitley said.

The Finance Minister added that everyone (electors included) was amazed by enormity or scale and implementation of demonetisation.

On BJP’s drubbing in another big state of Punjab, Jaitley said anti-incumbency undercurrents in electors’ minds across the state led to his party’s defeat. “The 10-year anti-incumbency in Punjab took a toll on the elections,” he said.

He however sounded optimistic about his party's poll prospects and said that BJP will come back to power in Punjab as its alliance with Shiromani Akali Dal won 31 per cent of total votes in the states.

Tags: demonetisation, note ban, remonetisation, bjp, arun jaitley, up elections 2017, punjab
Location: India, Maharashtra, Mumbai (Bombay)