Finance Minister Arun Jaitley on Thursday said the demonetisation of Rs. 500/1,000 notes led to formalisation of economy, more tax collection and higher growth. His statement comes a day after RBI data revealed that almost all the scrapped notes were returned to banks. He said the Reserve Bank has twice released its reports stating that the demonetised notes Rs. 500 and Rs. 1,000 have been substantially deposited in the banks.
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