FM Arun Jaitley Says Remonetisation Happens Soon

By : 19-Dec-2016

While speaking at FICCI event in New Delhi, Finance Minister Arun Jaitley, said that the demonetisation move taken by the government is a bold move against the black money and other such wrongful economic practises happening in the country. And, for 70 years, the old normal is consuming the economies power and so it could not be allowed to continue for its serious and adverse social and economic consequences.

This demonetisation move is a very important beginning for the new normal to be welcomed in the country, and he also said that the remonetisation process would not take much longer to happen.

Jaitley said adding, “As far as the decision with regard to currency is concerned, I think it marks a very important beginning. The process of remonetisation is not going to take a lot of time.”

At the 89th Annual General Meeting of the FICCI, Arun Jaitley has said that another such big economic reform that this country is implementing is the goods and service tax (GST) which is slated to come in force during the next year.

Jaitley remarked, “On 16 September 2017, as far as current mode of taxation is concerned, the curtains will be down. Ideally, GST should start from April 1, 2017. The constitutional necessity for it to come into force is between April 1 and September 17.”

He also expressed his hope over the required legislations in Parliament and the assemblies in the states would be enacted well in time, to bring into force the GST.

He added that, “There are about 10 important decisions which have already been taken with consensus. Legislations, which have to be passed by Parliament under constitutional amendment and also by state legislatures, are currently in process of being drafted.”

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