India not going to be a cashless economy overnight : Bibek Debroy

| Updated: Dec 19, 2016 23:11 IST

New Delhi [India], Dec. 19(ANI): Well known economist and NITI Aayog Member Bibek Debroy on Monday said that India is not going to be a cashless economy over night as the use of hard cash is very high presently. "India is not going to be a cashless economy as the use of cash in India is very high. It is not very high only in comparison to developed countries, but also, it is high in comparison with countries like Bangladesh and Sri Lanka," he said. "Actually the use of cash has increased over a period of time and there are few reasons, why this is happening, as some of it is got to do with use of cash. Overnight you will not expect the country to be cashless but it will proceed towards it gradually," he added. Commenting on electoral reforms and the funding of political parties Debroy said, "wherever electoral reforms are concerned, the way elections are conducted and expenses parliamentary elections as well as state elections, some reforms will happen through legislation." Earlier, Finance Minister Arun Jaitley said political parties haven't been granted any exemption post demonetisation and the introduction of the Taxation Laws (Second Amendment) Act, 2016, which came in force on December 15, 2016. "Under Section 13A of IT Act 1961, Political parties have to submit audited accounts, income and expenditure details and balance sheets. Post demonetisation, no political party can accept donations in Rs. 500 and Rs. 1000 rupee notes since they were rendered illegal tenders. Any party doing so would be in violation of law," Jaitley said in a statement.(ANI)