Speaking to CNBC-TV18, Minister of State for Finance Arjun Ram Meghwal said that once the entire process of cash ban is completed, consumption and investments will pick-up rapidly. The cash collected at the end will be disclosed by the central bank at right time.

Demonetisation is a radical reform that will change the way of life, believes Minister of State for Finance Arjun Ram Meghwal. The move will increase the tax base and improve gross domestic product (GDP) by 2 percent if completed.



Speaking to CNBC-TV18, Meghwal said that once the entire process of cash ban is completed, consumption and investments will pick-up rapidly. The cash collected at the end will be disclosed by the central bank at right time.



Any dividend from the Reserve Bank of India will come post demonetisation.



RBI’s obligation on old notes of Rs 500 and Rs 1000 will lapse on March 31, 2017. Possessing more than 10 notes in old currency will attract jail term, which is mentioned in the Ordinance of Demonetisation, Meghwal added.



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