“Almost 86% of the Indian currency was in Rs. 500 and Rs. 1,000 notes. Given the high ratio, it seemed obvious that a lot of it was hidden,” said Goyal.
Asserting that demonetisation is an important decision which warned the black money hoarders that there is no room for black money in the economy, Goyal said the honest can go and deposit their money without fear in the banks.
“Slowly and steadily the queues at the banks have been decreasing and the people are willing to face the difficulty for few days, as the decision stands in favour of the nation. Also with the new Rs. 500 and Rs. 2,000 notes in banks, the people are happy,” he added.
Goyal further said that the Reserve Bank of India (RBI) runs the monetary policy, adding this decision was taken after consultation with the central bank.
Sourced from agencies, feature image courtesy: ibtimes.co.in
