New Delhi: Finance Minister Arun Jaitley on Wednesday addressed the media over government’s decision to scrap Rs 500 and Rs 1000 notes. He said the decision to scrap notes has been welcomed everywhere and it will help India maintain its credibility.

The finance minister believed that the move by Prime Minister Narendra Modi will be a setback to parallel black money economy because a lot of currency operating outside system will now have to get in to banking system.

“This move will take India towards cashless economy; it doesn’t merely nudge the economy in that direction, but significantly pushes it,” Finance Minister said.

On money conversion, the finance minister said, “Govt and revenue department are monitoring the situation and reports are much exaggerated.

Praising his party, the finance minister said since Bharatiya Janata Party (BJP) govt came into power, a number of measures have been taken to embolden the economy.

Appealing to the public to bear the inconvenience caused to them, Jailtley said that the impact would be significant.

“There might a little inconvenience in replacement and to minimise that, govt took a decision to give a window of 72 hours to people, the FM said.

“Long term advantage to the economy is so significant that we would appeal to the people to bear the relative minor inconvenience,” he added.