Arun Jaitley slams Opposition on Demonetization

New Delhi, Aug 31: The government has responded to opposition claims.Finance Minister Arun Jaitley has reacted on the data released by RBI related to the amount deposited in the banks during demonetization.

Minister has said that "objective of demonetization was not confiscation of money."He has also said that the main aim of demonetization was

* All money must enter banking system'
* Increasing tax base of the country
* Squeezing terrorist and Maoist funding
* Eliminating counterfeit currency
* Reduction in black money and corruption
* Making the country a less cash society

He has also said that "money deposited in banks doesn't white and people must explain their sources and must pay taxes ".Minister has also said that IT Department has sent notices to many people and many shell companies have been closed.

He has also listed out the steps taken by his government to eliminate black money and GST is one of the biggest reform that would force people to convert into a more formalized economy and tax base would increase.

Jaitley has said that His next step would be cleaning political funding and the measures regarding this would be announced soon. Finally, he has said that demonetization has achieved all its objectives and the fallout is in line with the expectations.