Arun Jaitley hails Demonetisation, Jan Dhan Yojana at UN conclave

Union Minister Arun Jaitley on Wednesday hailed the positive results of Demonetisation at the Conclave on Financial Inclusion organized by United Nations in Delhi.

Arun Jaitley said, "Reduction in volume of cash, increase in tax base, and more formalization of the economy are the results of demonetization." "There is an emphasis in India particularly after Demonetisation to reduce quantum of cash in society," said Jaitley. Commenting on Aadhaar, he said, "Full potential of Aadhaar was not realized when it was brought in, it was an evolving idea. I am sure the Aadhaar legislation will stand the test of constitutionality."

About PM Jan Dhan Yojana, he said that zero balance accounts under the scheme were down to 20 per cent from 77 per cent in three years. "A number of accounts opened for disadvantaged sections have been significantly large." he added. About 42 per cent of households were unbanked before the Jan Dhan Yojana, which aims to give every household access to banking facilities by offering them zero-balance accounts across all commercial banks.