Stating that both the BJP and the government are solidly behind Prime Minister Narendra Modi's decision to ban high value currencies as was done in November last year, Finance Minister Arun Jaitley on Tuesday asserted that the results of demonetisation was satisfactory.
“The direction we took …. We are more than satisfied,” Mr Jaitley told a press conference at party headquarters and alleged that the Congress party's opposition to demonetisation was uncalled for.
Finance Minister said the NDA government's move to bring in demonetisation was to ensure that the Indian economy moved towards a cleaner phase.
“And after one year, both the BJP and the government is solidly behind the decision,” Mr Jaitley said, adding the Congress party has a “history” of not taking any firm and major step against black money.
He contested former Prime Minister Dr Manmohan Singh for calling demonetisation an organized loot.
"It is surprising that an economic exercise behind which there is ethical and moral rationale is being described as loot. An anti-black money drive is an ethical drive and anti-black money step is a moral step. What is morally and ethically correct has to be politically correct," he said.
“Loot toh woh hai jo 2G, CWG mei hui (In effect contrary to Opposition allegation, the loot was carried out when scams like 2G Spectrum and Commonwealth Games took place),” he said.
His remarks came at a press conference on the eve of the first anniversary of the controversial note ban under which currency of Rs 500 and Rs 1000 were discontinued as legal tender on November 8 last year.
Responding to critics of demonetisation, the Finance Minister said his government did not claim that note ban will put an end to corruption once for all, but it was certain that reducing the circulation of cash in the system had made indulging in corruption a very difficult proposition.