NEW DELHI: Even as banks opened around the country with reports of long lines and frayed tempers, Finance minister Arun Jaitley today assured people that demonetising high-denomination currency is beneficial to all in the long run, despite short-term problems. "Only 2-3 people in the RBI were involved in the designing of notes," said Das.The demonetisation plan, the best kept secret in the power corridors of the national capital, was a tightly policed affair with only a handful of top officials privy to the move. "This decision will impact the spending habits of people," Jaitley said, likely referring to conspicuous consumption, as also to illegal, mostly-cash real estate deals.Jaitley again assured the people that the RBI has taken all necessary steps to keep banks open to the extent necessary. It has already been decided to keep banks open on the weekend, he added. "Instead of seeing it as a reduction of wealth, it must be seen as transfer of unaccounted wealth...a transfer of this unaccounted wealth from the private sector to the government and public sectors, which will (then) boost the economy," Subramanian said.

Source: Times of India November 10, 2016 07:04 UTC