New Delhi, Dec 29 (PTI) - Rubbishing critics, Finance Minister Arun Jaitley on Thursday said the effects of demonetisation were not as adverse as was predicted and asserted that there has been a sharp jump in tax collections and economic activity including in winter crop sowing.

Ahead of expiry of the 50-day deadline for depositing the junked 500 and 1000 rupee notes tomorrow, he said the remonetisation process has substantially advanced, significantly without a single incident of unrest anywhere in the country.

However, talking to PTI the Finance Minister refused to hazard a guess on the GDP growth for the year or the possible impact on tax proposals in the his Budget for 2017-18 on account of increased revenue collections.

Demonetisation seen as less adverse; finance minister cites higher tax collections and renewed economic activity. Demonetisation was portrayed as less adverse than predicted, with a sharp rise in tax collections and renewed economic activity including winter crop sowing; remonetisation has advanced substantially without unrest. The Finance Minister, however, declined to forecast annual GDP growth or specify how increased revenues might affect upcoming budget tax proposals.