New Delhi, Dec 29: It has been almost 50 days since the implementation of demonetization started. Amid this, Finance Minister Arun Jaitley on Thursday said that the critical stage for the economy is now over and the situation will improve further.
Jaitley, at a media briefing, said that “The critical part of remonetization is now behind us and it will be much better, going forward.”
Jaitley said that the tax collection figures have increased to double-digit and this move by the government has greatly benefitted the economy.
“Notwithstanding what critics predicted, there has been significant increase in tax collection in all segments. Till December 19, direct tax mop-up rose 14.4%, indirect tax grew 26.2%, central excise is up 43.3%,” Jaitley said.
On the issue of the cash crunch, the BJP leader informed that remonetization has advanced substantially and the RBI has a large amount of currency available to it.
“A large part of the demonetised currency has been replaced and more new notes of Rs 500 are being released for circulation,” he added.
Jaitley thanked people for supporting demonetisation and said that not a single incident of unrest has been reported over note ban.