Cash enables people to evade tax: Arun Jaitley defends note ban
On the second anniversary of demonetisation, Finance Minister Arun Jaitley defended the move saying cash "bypasses the banking system and enables its possessors to evade tax." "India was a cash dominated economy...Demonetisation compelled holders of cash to deposit the same in the banks," he said. Demonetisation is a key step taken by the government to formalise the economy, Jaitley added.