Arun Jaitley lists three gains from demonetisation

The Reserve Bank of India had revealed that almost 99% of the banned currency had returned to the banks.

Increase in volume of digital transactions, widening of tax base and squeezed circulation of high denomination currency were the real measures of success of demonetisation, finance minister Arun Jaitley said on Monday.

Union finance minister Arun Jaitley. (PTI File Photo)

The success of the November 2016 note ban came under attack after the Reserve Bank of India revealed that almost 99% of the banned currency had returned to the banks.

“Some circles have lack of understanding and measure success of demonetisation with only how much money reached banks,” Jaitley said here at the launch of Google’s new digital payment app -- Tez.