GST, Demonetisation to have Far Reaching Impact

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Reserve Bank of India (RBI) governor Urjit Patel said that the nationwide goods and services tax and legislation of bankruptcy code should impart resilience to the economy. He added that the withdrawal of specified bank notes will impart far reaching changes going forward, in his foreward to the Financial Stability Report published by RBI. 

With respect to demonetisation, Patel said that it is expected to significantly transform the domestic economy in due course in terms of greater intermediation, efficiency gains, accountability and transparency through increasing adoption of digital modes of payments, notwithstanding the short-term disruptions in certain segments of the economy and public hardship. 

Patel also raised concerns about stress in the banking sector. “While the domestic banking sector continues to face significant levels of stress partly reflecting legacy issues, on balance, enhanced transparency has helped to reinforce the stability of India’s financial system,” he said.

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