Depositing money in bank does not make it legitimate money : Finance Minister

finance Minister Arun Jaitley on Thursday said the outcome of demonetisation was pre predicted and also that the economy will benefit in medium and long term.

After Reserve Bank announced that almost all of the demonetised currency has returned into the system,following which Jaitley said the fact that money got deposited in banks does not mean that all of it is legitimate money.

Finance Minister said“It’s nobody’s case that black money has been completely eliminated after demonetisation,”. He also said demonetisation along with GST, will significantly boost to direct tax revenues as already many people have come under the tax net.

Although an overwhelming amount of money was deposited but it is not a concern for the government infact it is good for the economy that more money has come into the formal system.

 The RBI Wednesday said about 99 per cent of Rs 15.44 lakh crore demonetised currency came back into the system.


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