Vadodara, February 13

A real and cleaner GDP is possible with demonetization which shows a positive impact on financial system, Finance Minister Arun Jaitley said.

He has adopted Karnali and Chandod villages in Vadodara district and toured them.

Demonetization has positive impact and India is moving to less cash economy,” he said, adding that the country is moving towards “digitalization”.

On the Universal Basic Income (UBI) scheme, mooted in government’s economic survey this year, Jaitley said “UBI is an idea worth considering and should be discussed by all the political parties”.

“The combined effect of the Goods and Services Tax (GST) and demonetization would take India to a new path of reforms, enabling large part of informal economy into the formal economy,” he added.

Positive Impact

Finance Minister Arun Jaitley on Saturday credited securities market regulator SEBI for being a professional organisation which has been evolving as per the needs of the economy. A meeting was held on the day, in which discussions on various issues relating to the securities markets and the measures to be taken for strengthening were held.

Arun Jaitley said that they have discussed technical and policy changes apart from future plans with SEBI.

On the other hand Jaitley observed, that the bad loans have become a burden for the banks. Most of these bad loans were given to various projects before 2011-12. But the banks have been facing the bad loans’ menace earlier also, he added.

Reserve Bank of India (RBI) officials said that they can give the exact number and value of  Rs 1000 and Rs 500 notes deposited only after enumerating total statistics.

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