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Last Updated Thursday November 19 2020 05:14 PM IST

Digital transaction idea not a success: Thomas Isaac

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Thomas Isaac Kerala finance minister Thomas Isaac. File Photo

Thiruvananthapuram: The bid to promote digital transactions by the centre following the announcement of demonetisation of high-value currency notes was not a success as more currency is in circulation now than it was earlier, Kerala finance minister T M Thomas Isaac said here.

Though there was significant growth in digital transactions soon after the demonetisation of Rs 500 and Rs 1,000 notes, the growth rate came down later, Isaac told the assembly during question hour.

The note ban has adversely affected the unorganised and construction sectors. About two lakh small-scale industries were shut and nearly 10 lakh people were rendered jobless all over the country due to demonetisation, he said.

To a question, he said the tax department would be restructured by strengthening the Enforcement Intelligence Wing.

The state has not been able to achieve the expected growth of revenue from GST, he said.

With the merger of SBT with SBI, the opportunities of getting loans have come down, he said, adding, that was why the the state was planning to set up a 'Kerala Bank'.

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