Govt working towards tracking invisible money: Arun Jaitley at Delhi Economic Conclave
Updated: July 22, 2017 12:40 pm
Union Finance Minister Arun Jaitley on Saturday inaugurated the Delhi Economic Conclave 2017 along with Deputy Prime Minister of Singapore T Shanmugaratnam. After lighting the lamp to inaugurate the event, the Union Minister addressed the crowd and said demonetisation helped in curbing the menace of black money in the country. “Demonetisation helped in curbing round tripping of corrupt and black money,” Jaitley said.
Jaitley went on to say that the government is working towards tracking invisible money. “For 70 years, Indian democracy has been funded by invisible money. The government is working towards tracking invisible economy,” Jaitley said. The Finance Minister further said that the government is committed towards keeping a track on flow of money and leakages.
Praising the recent reforms in India’s economic sector, Jaitley said the reforms will have a substantial impact on India’s growth prospects. “Recent decisions in economic sector will have substantial impact on India’s growth prospects,” he said. “Demonetisation will lead to greater digitisation; GST will bring more transparency in taxation process,” he added. The Finance Minister went on to say that the impact of digitisation is visible in indirect and direct tax system. “If we look at totality of steps taken, not only will they have great long-term impact but also has substantial ethical rational behind it,” Jaitley said.