Confiscation of currency was not the aim: Jaitley on impact of demonetisation

“Taking on critics of the move who say most of the banned Rs 500 and Rs 1,000 currency notes returned to the banking system, the finance minister in a Facebook post said: “An ill-informed criticism of the Demonetisation is that almost the entire cash money got deposited in the banks. Confiscation of currency was not an objective of Demonetisation. Getting it into the formal economy and making the holders pay tax was the broader objective.””

Confiscation of currency was not the aim: Jaitley on impact of demonetisation
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