Finance Minister says abrupt' recall of Rs 1,000 and Rs 500 notes will bring informal economy to fold of formal one.
Finance Minister Arun Jaitley. (Photo: File)
Mumbai: Days ahead of formal presentation of Union Budget 2017 in Parliament on February 1, Finance Minister Arun Jaitley on Friday reasserted government’s stand on key policy reforms.
“Demonetisation, coupled with GST, will ensure more revenues to Centre and states, will expand size of formal economy,” he said.
Jaitley was of the view that ‘abrupt’ recall of high value notes of Rs 1,000 and Rs 500 denominations will bring informal economy to the fold of formal one.
“Demonetisation shook the system for a short while, will integrate informal with formal economy in long run,” he added.
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