Transparency in demonetisation would been greatest instrument of fraud says FM

Finance Minister Arun Jaitley on Tuesday defended the government for maintaining secrecy over demonetisation before its announcement, saying transparency in this case would have been the “greatest instrument of fraud”.

Jaitley, who is on a week-long visit to the US to attend the annual meetings of the International Monetary Fund and World Bank, said that announcing this major initiative in advance could have resulted in people buying gold, diamond and land and going through various kinds of transactions with the cash they had.

“Transparency is a very nice word. But transparency in this case (of demonetisation) would have been the greatest instrument of fraud,” Jaitley told students of the Columbia University in New York.

Leave a Reply

Your email address will not be published. Required fields are marked *