RBI to announce facility for NRIs to exchange old notes
The Reserve Bank of India (RBI) on Saturday said that it will introduce a facility for exchange of old specified…
Union Road Transport, Highways
and Shipping Minister Nitin Gadkari on Wednesday said that the nation has
already embarked on the journey towards cashless economy.
Speaking at ‘Agenda Aajtak’
event, the minister said if 70 per cent of the transactions are done in the
digital mode, it would be a positive indicator to a decisive shift towards a
cashless economy.
Talking about the problems
people are facing since demonetisation, Gadkari said things would be stabilised
soon.
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“We accept people are
facing problems. However, things will become normal in a month’s time. The
system is being changed. We have a parallel economy that is based on cash
transactions. So, if we are going towards cashless economy, there will be
initial troubles.
“In Spain, cashless
economy accounts for 98 per cent. If we manage to reach 60-70 per cent, it will
be good,” Gadkari said.
He cited speedy transition of
toll payment mode from cash-based to cashless.
“After December 2,
motorists are paying toll smoothly. We have introduced FASTag, which has
facilitated smooth toll payment. We are also in talks with the states to adopt
the new system,” he said.
Meanwhile, the Transport
Minister said that the secrecy maintained before the demonetisation
announcement was necessary.
“If we had not
maintained secrecy, we would have been criticised for alerting the black money
holders in advance. The secrecy was also necessary in the national interest.
Even, I got to know about it in the Cabinet meeting that day,” Gadkari
said.
The minister refuted
allegations that the BJP leaders were in know of demonetisation move well in
advance.
Gadkari further said that the
BJP did not think of political repercussions before taking the demonetisation
decision.
“We never thought of
demonetisation impacting our electoral prospects. The decision was taken in the
national interest.
“However, it’s good to
see that the BJP faired well in the recent local body polls in Maharshatra.
This shows that people have supported demonetisation decision,” Gadkari
said.
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