NEW DELHI: Nearly 50 days after the implementation of demonetisation , finance minister Arun Jaitley said on Thursday that the critical phase for the economy is now over and the situation will only improve further.
“The critical part of remonetisation+ is now behind us and it will be much better, going forward,” Jaitley told reporters at a media briefing.
Jaitley said that the November 8 decision has greatly benefitted the economy, with a double-digit increase in tax collection figures.
“Notwithstanding what critics predicted, there has been significant increase in tax collection in all segments. Till December 19, direct tax mop-up rose 14.4%, indirect tax grew 26.2%, central excise is up 43.3%,” Jaitley said.
On the issue of cash crunch, the BJP leader informed that remonetisation has advanced substantially and the RBI has a large amount of currency available with it.
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