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Not all scrapped currency will be remonetized- Arun Jaitley
Not all of the Rs 15.44 lakh crore worth of currency junked will be remonetized through issuance of new notes, as the digital currency will fill the gap, Finance Minister Arun Jaitley hinted.
He called the demonetization as "a courageous step", and opined that, the government could do it, as India today has the capacity to take such decisions and experiment boldly. The demonetization will create a new Indian normal as the one that existed for the past seven decades is "unacceptable", Jaitley said.
He also added that, demonetization will help rid the economy of high cash circulation that had led to tax evasion, black money and currency being used for crime. "One of the efforts of this exercise has to be that even though a reduced cash currency could remain, our conscious effort... (is) to supplement the rest with a digital currency," he said.
