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Backing the government’s decision to demonetise higher value currency notes, NITI Aayog CEO Amitabh Kant today said the country is moving towards a totally digitised payment system that will accrue “huge gains” in the long term for the economy.
“There are long-term gains for the country (from demonetisation). The country will move towards a totally digitised payment economy. It will move towards formalised economy,” Kant told reporters on the sidelines of ‘India Power Forum’.
Terming the withdraw of old ₹500 and ₹1,000 notes from circulation as “excellent” and “good” move, Kant said there would be short-term issues due to the decision but in the long term there would be huge gains.
“It is a very mammoth and unprecedented thing. There will be some short-term issues. I don’t think we need to worry about them.... The Prime Minister has said 50 days (to weed out black money),” he asserted.
The country, he said, is moving from non-formal economy to a formal economy, so the people should have patience and faith.
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