Digital currency will fill the money gap : Jaitley

Finance Minister Arun Jaitley  hinted that not all of the Rs 15.44 lakh crore worth of currency junked will be remonetised through issuance of new notes as he said digital currency will fill the gap.

Calling the scrapping of old 500 and 1,000 rupee notes as “a courageous step”, he said the government could do it as India today has the capacity to take such decisions and experiment boldly.

The move will create a new Indian normal as the one that existed for the past seven decades is “unacceptable”, he said, adding that demonetisation will help rid the economy of high cash circulation that had led to tax evasion, blackmoney and currency being used for crime.