"Demonetisation has a strong potential to generate long-term benefits in terms of increased flow of financial savings and greater formalisation of economy," Jaitley said while presenting the Union Budget 2017-18 in the Lok Sabha.
"Demonetisation is a bold and decisive move," Jaitley said.
Jaitley who is presenting the first budget since the Novermber 8, 2016, demonetisation decision, said that this decision will take the country a long way. "The effects of demonetisation will not spill into the next year," he added.
"Demonetisation was a bold move that helped in fighting black money, terror funding and fake currency," he said. Jaitley said that this move is part of a series of measures to arrive a new normal of bigger, cleaner and real GDP, he said.
Jaitley added that demonetisation has a strong potential to reap longer benefits. "It would lead to a higher GDP growth and tax revenues," Jaitley said. We can use these resources for the welfare of the poor. There is also early evidence that showed as a result of demonetisation banks were able to reduce interest rates, Jaitley also said.
(OneIndia News with IANS inputs)