New Delhi, Nov 25 (IANS) The government's demonetisation drive was meant to cleanse the system and do away with black money, Finance Secretary Hasmukh Adhia said here on Saturday.
"Demonetisation was meant to cleanse the system and do away with black money," Adhia told DD News.
He further said people had lot of cash stashed away in the houses, demonetisation has brought those hidden cash into the main banking channel.
"People had lot of cash stashed away in their houses with which they bought only luxury items. Demonetisation has brought those money into banking channel and it will be now used for lending to people," he added.
The Indian government on November 8, 2016 started the demonetisation drive by banning high denomination Rs 500 and Rs 1,000 currency notes.
Talking about the Goods and Services Tax (GST), Adhia said it is mandatory for the bigger companies to pass on the benefits of the reduced taxes of goods to the end consumers.
"We have now reduced taxes of bigger items. If we see any anomaly we will not get hold of the small retailers, we will catch the bigger companies."
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
About VDC
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.