Finance Minister Arun Jaitley has said that the cash crunch follow ed with the scrapping of high-value banknotes will ease by December 30 with the release of new 500 and 2,000 rupee notes.

"Obviously, one of the advantages of this exercise is going to be that you won't have the same level of paper currency which existed," Jaitley said.

"It does create a disruption," said Jaitley. "But I don't see the disruption lasting for very long. You may see some impact for a quarter or so."

Regarding GST, "If on September 16, 2017, there's no GST, then there's no taxation," he said. "Our intention is to make sure it gets implemented from April 1, 2017."

"Black money has been a norm in India for seven decades, we want to confront it and create a new normal," Jaitley said.

“Process of remonetisation will reduce the quantum of paper currency after December 30. It will change the way people are spending and shopping. Level of paper currency released will not be same as before November 8,” Jaitley said.

“Volume of trade, business will grow but size of paper currency will shrink. The balance of fewer currency will be replaced with other notes like e-wallets, credit cards and debit cards,” finance minister said.

By Premji