23
Thursday
November 2017
1:38 AM IST
News Headlines
Home   | Main News   | Kerala  | National   | International  | Business   | Sports   | Entertainment   | Columns   | Offbeat   | About Deepika 
Business News
Note ban will benefit economy in long term: Jaitley
 
(New Delhi, Aug 31, 2017): Finance Minister Arun Jaitley today said the fallout of demonetisation was on predicted lines and the economy will benefit in medium and long term.

A day after the Reserve Bank said that almost all of the demonetised currency came back into the system, Jaitley said the fact that money got deposited in banks does not mean that all of it is legitimate money.

"It's nobody's case that black money has been completely eliminated after demonetisation," he said.

He said demonetisation, coupled with GST, will give a "significant boost" to direct tax revenues as many people have come under the tax net.

Although an overwhelming amount of money was deposited in banks it is not a concern for the government as it is good for the economy that more money has come into the formal system.

"The fallout of demonetisation is on predicted lines ...

the fact that money got deposited in banks doesn't make it legitimate money," he said, adding the country was ready for demonetisation even though there was political resistance.

The RBI yesterday said about 99 per cent of Rs 15.44 lakh crore demonetised currency came back into the system.

On the Goods and Services Tax (GST), Jaitley said its inflationary impact has been avoided and there is a scope of convergence of tax rates going forward.

The minister also said that consolidation of PSU banks is on cards as the country needs "fewer but stronger banks".

On bad loans, he said that resolution will take time.

"You can't have a surgical solution to it", he said, adding that if private sector cannot pay back its debts then someone else should be allowed to take over.

The RBI has already recommended banks to initiate insolvency proceedings against 12 large defaulters.(PTI)


Sensex goes up 112 pts, Asian leads support
FMCG firms slash prices post GST reduction
43.67 lakh biz file initial GST returns for October
Sensex moves in line with Asia, up 154 pts
Paytm mall to offer accidental damage cover to smartphones
Click pics of illegally parked cars; get rewarded: Gadkari
Rupee slips 5 paise against dollar to 65.06
Moody's rating upgrade: Officials hope others will follow suit
Sensex zooms 414 points after Moody's ups India rating
US dollar ends cheaper against rupee
Indian companies create 113K jobs in US: Report
Cochin Shipyard Q2 net dips 8 pc to Rs 100 crore
Rupee tanks 35 paise to hit 1-wk low; crude plays spoilsport
Sensex hits new record of 33,853.63; Nifty rises 34 pts
Apple to recruit employees from an Indian engineering college this year
Offline version for GSTR-4 launched on GST portal
Jerome Powell-led Federal Reserve could be US dollar-positive in long term
Rly committee suggests new categories for grading stations
Gadkari plans Rs 5-tln bond sale to fund large infra projects
158 crorepatis, 61 with criminal cases in HP polls: ADR
KERALA NEWS
Dileep hated her, says charge sheet
 (Angamaly, Nov 22, 2017, DG): The investigation team probing the sensational actress attack c  
'Harivarasanam' re-recording row: Trust alleges 'conspiracy'
Saseendran is free to return as Minister: Pinarayi
Pinarayi Vijayan advices journalists
INTERNATIONAL NEWS
Trump promises Americans 'huge tax cut' for Christmas
 Washington, Nov 21 (AP) President Donald Trump today promised a tax overhaul by Christmas, even as a
Putin hails Assad for 'fighting terrorists': Kremlin
Iran declares 'victory' over IS
Trump declares North Korea state sponsor of terrorism
NATIONAL NEWS
Brahmos test fired from Sukhoi fighter jet for first time
 (New Delhi, Nov 22, 2017):In a major milestone, the Brahmos supersonic cruise missile was tod
Mulayam justifies police firing on kar sevaks in 1990
Tamil film producer commits 'suicide'
Thieves run away with ATM in Shopian: Police
Untitled Page
Rashtra Deepika LTD
Copyright @ 2017 , Rashtra Deepika Ltd.