Union Finance Minister Arun Jaitley has said, Demonetisation is the new normal confronting black money which was a norm in India for seven decades. <br/><br/>Addressing a media group leadership summit in New Delhi today, he said process of remonetisation will reduce the quantum of paper currency after 30th of this month. Mr Jaitley said it will change the way people are spending and shopping. He said level of paper currency released will not be same as before 8th November. <br/><br/>The Minister said volume of trade, business will grow but size of paper currency will shrink. <br/><br/>He said, the balance of fewer currency will be replaced with other modes like e-wallets, credit cards and debit cards. Mr Jaitley said, 80 crore credit and debit card are in circulation and 45 crore have become active. He said, 24 crore e-wallets have been opened in just one and a half years. <br/><br/>On impact of demonetisation on economy, the finance minister said, rabi sowing is higher than last year and there is mixed trend in auto sales. He said GST and demonetisation are game changers and investors will be wary of states seen on wrong side of reforms.<br/><br/>On GST implementation, he said constitution does not provide for delay in GST implementation. He said, it has to implemented by 16th September, 2017 and Government intention is to implement it by 1st April. <br/><br/>On Opposition, Mr Jaitley said Mr Manmohan Singh was also completely isolated at the time of economic reforms in 1991. He said once the remonetisation process is completed, it will hugely impact the India's business. He added, Digitised tax system will become far more efficient and each limp of transaction will be mapped in the system. He said government will have wider tax base and eventually the tax rates will come down because of this. <br/><br/>Mr Jaitley said country has welcomed demonetisation. He said, it's difficult to estimate disruption in this quarter but the impact won't last

Union Finance Minister Arun Jaitley has said, Demonetisation is the new normal confronting black money which was a norm in India for seven decades and NDA government wants to confront it and create a new norm. <br/><br/>Addressing a media group leadership summit in New Delhi today, he said process of remonetisation will reduce the quantum of paper currency after 30th of this month.<br/><br/> Mr Jaitley said it will change the way people are spending and shopping. He said level of paper currency released will not be same as before 8th November. <br/><br/>The Minister said volume of trade, business will grow but size of paper currency will shrink.