Finance minister Arun Jaitley has said that the government's decision to maintain secrecy over demonetization was essential as transparency in this case would have been the greatest instrument of fraud. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The series of reforms like demonetisation and Goods and Services Tax (GST) has put Indian economy on a “far more stronger track”.
“These are institutional reforms. These are structural changes. And these structural changes, I think have put the Indian economy on a far more sound track so that we can look forward for a much cleaner much bigger India economy in the days and years to come,” he added. Announcing the demonetisation initiative in advance could have resulted in people buying gold, diamond and land and going through various kinds of transactions with the cash they had. Transparency is a very nice word. But transparency in this case (of demonetisation) would have been the greatest instrument of fraud,” he further said.