Today is the birth anniversary of veteran BJP leader and Finance Ministry in the first term of the Modi government. He was born on this day in 1952. Arun Jaitley, a lawyer by profession, is still remembered for his tough decisions during the Finance Minister. It was he who took the initiative to curb black money and corruption in the country financially, after which the Modi government was able to take such difficult decisions.
Demonetisation: On November 8, 2016, PM Modi announced the demonetisation of 500 and 1000 rupee notes in circulation. Apart from PM Modi, only Jaitley and a select few were aware of the government's unprecedented move. Jaitley was instrumental in deciding to demonetize. Ten days after the demonetisation of 500 and 1000 rupee notes, Arun Jaitley said that due to the government's decision, banks will now be able to lend at cheaper rates. At the same time, there will be freedom from the parallel economy.
Digital India: Arun Jaitley is also credited with increasing digital banking across the country after demonetisation. Services like debit cards, credit cards, mobile wallets, POS machines, UPI BHIM app were launched across the country. This led to a sharp decline in cash transactions, and now people are using them in large numbers.
GST: GST came into effect across the country from midnight on July 1, 2017. From this day on, 17 taxes and 26 cesses across the country were abolished. the GST Council had installed five slabs across the country according to which people started paying taxes. All other items except petrol, diesel, tobacco products, liquor, LPG cylinders were brought under its ambit.
Merger of Banks: It was under the chairmanship of Arun Jaitley that associate banks and Bharatiya Mahila Bank merged in SBI. This was followed by the merger of Dena Bank and Vijaya Bank with Bank of Baroda. Jaitley has played an important role as the trouble shooter of the Modi government.
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