BHOPAL: Union finance minister Arun Jaitley on Saturday defended demonetisation as a highly ethical move and not a political decision. The finance minister’s remarks came a day after PM Narendra Modi’s statement in Shahdol that demonetisation brought money into the banking system that is being used for the public.“Demonetisation was a highly ethical move. It was no secret that many in India are not tax compliant. Compelling them to put their undeclared money into the bank had an ethical rationale to it,” Jaitley said, when asked if notebandi would have an impact on polls.“Every move this government has taken so far, from demonetisation to GST , has helped formalise a large part of Indian economy. The net impact of the decision was that both the Centre and states now have much larger revenues”, said Jaitley at the release of BJP’s manifesto.Jaitley said, “When the Modi government came into power in 2014, 3.83 crore people used to pay income tax. In four years, it became 6.86 crore and by the end of fifth year it would double the 2014 figure. With such an increase, government resources increase and the poor people of the country benefit.”

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