From The Hindu, May 6, 1975: Minister rules out demonetisation: Finance Bill adopted
Replying to the general debate on the Finance Bill in the Lok Sabha, Mr. Subramaniam said the Government had examined the suggestion made by some members that there should be demonetisation to check the parallel economy and contain black money. 'For the present, it looks an impracticable proposition,' he added.
The House approved the Union Budget for 1975-76 after adopting the Finance Bill which in its final form provided for additional taxation amounting to nearly Rs. 255 crores.
The Minister in his 60-minute reply touched on various aspects and announced total exemption of the entire printing industry and the ginning industry from the one per cent excise duty announced in the budget proposals.
He expressed concern over the recent High Court decisions letting out known smugglers and assured the House that Government would relentlessly and ruthlessly carry out its measures not only against smugglers, but against hoarders, blackmarketers and other anti-social elements.
Reviewing the impact of last year's anti-inflationary measures and subsequent decline in prices, Mr. Subramaniam cautioned the House against optimism as the situation was still not completely under control because of the domestic and international situation.
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