Object of demonetization wasn't confiscation of money: Top 10 things FM Jaitley said after RBI report

With Rs 15 lakh crore of junked currency coming back into the system post demonetization, Arun Jaitley said that a significant portion of it could be black money. Jaitley said: "We intended to give a blow to black money and... expand the tax base of the country. It is obvious that post demonetization, the direct tax base has already started expanding substantially.” He explained that the object was demonetization was that India was a high-cash economy therefore that scenario was ‘required to be altered’. He said that his next step would be to put an end to black money used in elections.

Here are the top 10 things he said: 

1) Effect of demonetization extremely positive

2) IT returns have increased by 25%

3) Object of demonetization was not confiscation of money

4) Object of demonetization was that India is predominantly high cash economy therefore that scenario requires to be significantly altered

5)  It helped in integration of formal and informal economy​

6) P Chidamabaram has no understanding of concept of demonetization

7) Note ban hit terror activities in Jammu and Kashmir and Chhattisgarh

8) Volume of cash currency has come down by 17

9) Money now identified with a particular owner

10) Next step is to reduce black money in politics