Govt's decision on demonetization has been welcomed by citizens: Jaitley
"The decision has been welcomed widely by citizens," Jaitley said while addressing a press conference here.
Modi said the decision will play a crucial role enhancing the credibility of the Indian economy.
" The decision was also important to enhance the credibility of the Indian economy," he said.
He said, "The demonetization will not only nudge, but also push, the economy in the direction of a cashless economy."
The Finance Minister said very few decisions are taken by the government which help in changing the lifestyle of the people.
"This decision will change the way people spend and keep their money," he said.
Speaking on the impact of the move on the country's GDP, he said: "The demonetization not only expands the national GDP; it makes it cleaner as well."
In a bold step to curb the usage of fake Indian currency and combat the issue of black money, Prime Minister Narendra Modi has announced that Rs.500 and Rs.1000 notes will cease to be legal from Tuesday midnight.
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