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Note ban objectives met: FM Arun Jaitley on RBI annual report

Senior finance ministry officials also defended the move

Finance Minister Arun Jaitley in New Delhi
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Finance Minister Arun Jaitley at the swearing-in ceremony of Vice-President Venkaiah Naidu in the Durbar Hall of Rashtrapati Bhawan in New Delhi.

Arup Roychoudhury New Delhi
Defending demonetisation, Finance Minister Arun Jaitley on Wednesday said those who did nothing to fight black money during their tenures had tried to confuse people about the real objectives of the note ban.

The objective of the November 8 ban of the old Rs 1,000 and Rs 500 notes was not how much money would return to the system, Jaitley said, addressing a new meet after the Reserve Bank of India’s (RBI’s) annual report that showed nearly all of demonetised currency had, in fact, come back. 

He added that all objectives of the move, which sucked Rs 15.44 lakh crore