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“Reforms are Disruptive”: Jaitley Defends Note Ban on Facebook

Finance Minister Arun Jaitley’s Facebook post comes two months after the demonetisation announcement. 

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Two months after demonetisation was announced on 8 November 2016, Finance Minister wrote a Facebook post on Sunday, analysing the rationale and the impact behind the decision.

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1. “Demonetisation Was a Step Against Black Money”

Finance Minister Arun Jaitley’s Facebook post comes two months after the demonetisation announcement. 
(Photo: The Quint/Maanvi)
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2. “Tax Evasion Had Become the Norm”

Jaitley lamented that tax evasion had become the new ‘normal’ in India, and said that the expenditure for development has been compromised because of tax non-compliances.

Finance Minister Arun Jaitley’s Facebook post comes two months after the demonetisation announcement. 
(Photo: The Quint/Maanvi)
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3. “Cash is the Medium Which Funds Corruption & Bribery”

Finance Minister Arun Jaitley’s Facebook post comes two months after the demonetisation announcement. 
(Photo: The Quint/Maanvi)
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4. “Currency Squeeze During Remonetisation Will Have a Transient Impact on Economy”

Finance Minister Arun Jaitley’s Facebook post comes two months after the demonetisation announcement. 
(Photo: The Quint/Maanvi)

Lauding PM Modi’s decision to implement demonetisation, Jaitley asserted that the black money deposited in the banks cannot be seen as “legitimate cash.”

He further said that the amendment to the Income Tax Act provides that black money “voluntarily declared or if involuntarily detected, would be liable for differential and high rates of taxation and penalty”.

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5. “In the Long Run, GDP Will Be Bigger and Cleaner”


Finance Minister Arun Jaitley’s Facebook post comes two months after the demonetisation announcement. 
(Photo: The Quint/Maanvi)
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6. “Congress sided with black money friendly status quo”

Finance Minister Arun Jaitley’s Facebook post comes two months after the demonetisation announcement. 
(Photo: The Quint/Maanvi)
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7. “Rahul Gandhi Only Wants to Disrupt Parliament”


Finance Minister Arun Jaitley’s Facebook post comes two months after the demonetisation announcement. 
(Photo: The Quint/Maanvi)

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