<h1>Demonetisation: Bold Step to Formalize Economy, Combat Black Money, and Boost GDP, Says Finance Minister Jaitley.</h1> Finance Minister Arun Jaitley described demonetisation as a bold and decisive step aimed at boosting the economy by transitioning from an informal to a formal economy. Announced on November 8, 2016, the demonetisation of Rs. 500 and Rs. 1000 notes was part of efforts to combat black money and move towards a 'less cash' society. Jaitley emphasized its transient impact on the economy, predicting long-term benefits such as higher GDP growth and increased tax revenue. He noted that remonetisation is progressing, with expectations of economic normalization and reduced borrowing and lending rates due to surplus bank liquidity.