Moneycontrol
Oct 11, 2017 08:21 AM IST | Source: NEWS18.com

Transparency on demonetisation would have been greatest instrument of fraud, says Arun Jaitley

"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 on Tuesday.

Transparency on demonetisation would have been greatest instrument of fraud, says Arun Jaitley

Demonetisation couldn’t have been announced beforehand as it would have been the “greatest instrument of fraud”, said Union Finance Minister Arun Jaitley, in defence of the sudden announcement that shook the nation on November 8 last year.

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

"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 on Tuesday.

The finance minister was responding to a question that why Prime Minister Narendra Modi kept the demonetisation plan a closely guarded secret with only a handful of top officials privy to the move.

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