Jaitley takes dig at Congress for criticising demonetization

Finance Minister Arun Jaitley took a jibe at the Congress for opposing demonetization, saying the poll results had shown the "public opinion" on the decision taken by a "strong leader" Prime Minister Narendra Modi. He also appeared to be targeting former Prime Minister Manmohan Singh as he told the Congress benches to change its "advisors" who had predicted that GDP will come down by 2 per cent and that there would be no alternate currency for seven months. "You have all seen the public opinion on demonetization..

The traditional vote, which used to connect with you, has refused to accept this policy (of opposing demonetization)," Jaitley said in the Lok Sabha, in an apparent reference to the recent poll results, particularly in Uttar Pradesh where the BJP got a resounding victory.

The Congress, which had an alliance with the Samajwadi Party, was decimated in these polls. The Congress party had bitterly attacked the government over demonetization before the elections as well as during the poll campaigning. Hailing the Prime Minister for the demonetization decision, Jaitley said, "A strong leader takes unpopular decisions, while the other takes decisions looking at his interests. Modi is a leader who takes decisions in the national interest."

Modi was present when Jaitley made the comments while replying to a debate on the Finance Bill during which the opposition criticised the demonetization decision. The Finance Minister then went on to target Manmohan Singh, although in a veiled manner, without taking his name. "Those who help make your contention...those advisors need to be changed," Jaitley said while referring to the remarks made by Singh that "the GDP will come down by 2 per cent" and that "there would be no alternate currency for seven months".

"For 10 years, those who controlled the economic management of the country, they explained to you this and you decided your position accordingly and you saw the results," the BJP leader told the Congress benches, while taking a dig.

Underlining that demonetization will end the anonymity factor in the economy, Jaitley said that research all over the world states that cash in the economy leads to tax evasion and leads to facilitation of crime.

He also referred to questions by the opposition parties as to whether terrorism and corruption would end because of demonetization.
"Crime does not end, but cash is a great incentiviser in crime. Does it incentivise crime? Research across the world has revealed that if cash is more in the economy, then there is tax evasion and it facilitates crime," he said.

While hitting out at the Congress, Jaitley remarked that the opposition party was "singing in favour" of cash economy at a time when the world was moving towards digitised economy and the whole world was uniting against tax havens, shadow and parallel economy.

A demand was also made by the members of the Opposition to make public the value of the demonetised notes in the banks, to which Jaitley said, the RBI is counting every penny and is "segregating fake money. When they get accurate figure, they will release it."

To emphasise the positive effects of demonetization, Jaitley quoted a columnist from an international financial publication and said, "It is often hard to draw the line between decisive leaders who take unpopular decisions for the benefit of their country.

"And those who make arbitrary decisions for the benefit of themselves. Historians may judge the shock of demonetization as an example of the former." Taking a jibe at Trinamool Congress' Saugata Roy, whose party also vehemently opposed demonetization, Jaitley said, "The people of your state (West Bengal) know the consequences of cash