Currency ban will help economy in long run: Aditya Puri

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Aditya Puri on Wednesday termed the demonetisation as a “necessity” which will benefit the economy in the long run by way of rate cuts, stopping counterfeiting and broadening the tax base.

| Updated: Nov 24, 2016, 05.21 AM IST

HDFC bank managing director Aditya Puri. (File photo)

MUMBAI: HDFC Bank managing director Aditya Puri on Wednesday termed the demonetisation as a “necessity” which will benefit the economy in the long run by way of rate cuts, stopping counterfeiting and broadening the tax base.

“We, at HDFC Bank, feel this is a laudable objective which will provide benefits to the economy and people in the long run,” he said in a note to bank account holders.

He said the demonetisation exercise announced by Prime Minister Narendra Modi on November 8 is a “necessity” to root out counterfeit notes, which have a direct correlation with terror funding. Stating that an effort is being made to ensure that people conduct their business in a fair and transparent manner, the veteran banker said a country cannot progress if less than 10% of the population pays income tax. It will also help root out corruption and bring down the cost of banking services, he said. agencies

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