Budget 2017 - 2018 - DEMONITISATION

DEMONITISATION in Budget 2017-2018

• Bold and decisive measure to curb tax evasion and parallel economy
• Government’s resolve to eliminate corruption, black money, counterfeit currency and terror funding
• Drop in economic activity, if any, to be temporary
• Generate long term benefits including reduced corruption, greater digitisation, increased flow of financial savings and greater formalisation of the economy
• Pace of remonetisation has picked up and will soon reach comfortable levels
• The surplus liquidity in the banking system will lower borrowing costs and increase the access to credit
• Announcements made by the Honourable Prime Minister on 31st Dec,  2016 focusing on housing for the poor; relief to farmers; credit support to MSMEs; encouragement to digital transactions; assistance to pregnant women and senior citizens; and priority to dalits, tribals, backward classes and women under the Mudra Yojana, address key concerns of our economy