Curbs will be lifted, can’t last for long, says Sitharaman

RSTV Bureau

Commerce Minister Nirmala Sitharaman said that government is taking steps to move towards a less cash society. Steps are being taken to remove limits on payments through cheques and net banking, she told Rajya Sabha Television in an interview.

“Existing curbs on money exchange and withdrawals will be lifted and they can’t last for long,” she said in an exclusive interaction.

Commerce and Industry Minister Nirmala Sitharaman

File photo of Commerce and Industry Minister Nirmala Sitharaman

Talking about the trouble faced by common man after the withdrwal of Rs 500 and Rs 1000 notes, Sitharaman said the government will review conditions on a priority basis.

“Government is plugging loopholes to curb misuse of cash exchanges. Farmers will be given further. Relief may be given to cooperatives… Opposition misleading people on farm sector,” she said.

Saying that opposition is changing goalposts on the demonetisation issue, she said that opposition is misleading the public on the issue.

“Opposition wants to dictate terms. They are looking for an exit window UPA failed to form SIT over black money” she said


Here are the highlights of the interview

  • Government is taking steps to move towards less cash society
  • Transactions should be done institutionally
  • Developed nations’ cash transactions 4% of GDP – In India, cash transactions are 12% of GDP
  • Black money exist as a parallel economy – Cash transactions hardly come into picture
  • Outrageous to say that govt leaked information – Opposition confused on the issue
  • Govt did it’s homework on Demonetisation – No rollback of any kind
  • Govt responding to public inconvenience – Reviewing conditions impacting marriages
  • Quick changeover lead to disruption
  • Relief may be given to Co -operatives
  • Opposition misleading people on farm sector
  • Sowing acreage higher this year – Amends in farm sector to allow cash
  • Lack of cash lead to lull in many sectors – Revival through new cash, digital modes
  • Grassroots adopting cashless routes – Digital transformation of India has happened
  • No limit on cheque, net payments – Curbs will be lifted, can’t last for long