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Demonetisation drive was meant to cleanse the system: Hasmukh Adhia

Finance Secretary Hasmukh Adhia said that people had lot of cash stashed away in the houses, demonetisation has brought those hidden cash in the main banking channel.

Reported by: IANS, New Delhi [ Published on: November 25, 2017 18:24 IST ]
File pic of Finance Secretary Hasmukh Adhia
File pic of Finance Secretary Hasmukh Adhia

Finance Secretary Hasmukh Adhia today said that the government's demonetisation drive was meant to cleanse the system and do away with black money.

"Demonetisation was meant to cleanse the system and do away with black money," Adhia said.

He further said people had lot of cash stashed away in the houses, demonetisation has brought those hidden cash in the main banking channel.

"People had lot of cash stashed away in their houses with which they bought only luxury items. Demonetisation has brought those money into banking channel and it will be now used for lending to people," he added.

The Indian government on November 8, 2016 started the demonetisation drive by banning high denomination currency notes like Rs 500 and Rs 1,000.

Talking about the Goods and Services Tax (GST), Adhia said it is mandatory for the bigger companies to pass on the benefits of the reduced taxes of goods to the end consumers.

"We have now reduced taxes of bigger items. If we see any anomaly we will not get hold of the small retailers, we will catch the bigger companies," Adhia.

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