India's finance minister Jaitley out on the wires 10 Nov
- banks will still need new capital but resource base will increase
- govt will issue new 1000 rupee note with new design and security features
The comments come after PM Modi's move on Tuesday to crackdown on tax evasion and corruption by the removal of 500 and 1000 rupee notes as legal tender as of today.
Said Modi at the time of his announcement:
"This step will strengthen the hands of the common man in the fight against corruption, black money and fake currency"
The BBC has more on the story here and here
More comments from Jaitley today:
- govt will achieve fiscal deficit target in current FY, same as last year
- Goods and Services tax (GST) needs to be implemented by 16 Sept 2017
- govt aiming to implement in GST next April
India says good-bye to the old 500 and 100 rupee notes
