Note ban will usher in honest system: FM

Union Finance Minister Arun Jaitley on Tuesday dismissed former prime minister Manmohan Singh's criticism of demonetisation, saying the anti-black money drive was a "moral and "ethical step".

At a press conference on the eve of the first anniversary of demonetisation, he suggested that Singh compare the global credibility of the Indian economy before and after 2014 to ascertain the truth. Before 2014, the economy was impacted by policy paralysis... "today there is not a single global agency which is not eulogising structural reforms," he said.

Jaitley said what happened in 2G, CWG and coal block allocation was "loot". Insisting that the BJP and the government believe that both demonetisation and the GST were correct, he said: "An anti-black money drive is (an) ethical drive, a moral step. And what is morally and ethically correct has to be politically correct."

In a Facebook post, he called the note ban a "watershed moment" in the history of Indian economy. He said the benefits of the move "may not yet be visible to some people" but "the next generation will view post-November, 2016, national economic development with a great sense of pride as it has provided them (with) a fair and honest system to live in."