Finance minister Arun Jaitley called on Saturday government’s decision to ban Rs 500 and Rs 1,000 notes as courageous and said India now has the capacity to take decision on demonetisation.

Addressing a gathering of industry leaders at the 89th annual general meeting of FICCI, Jaitley said, “India has capacity to take decision on demonetisation; it’s no longer a fragile economy.”

The finance minister said note ban will have long-term benefits and the entire process of remonetistaion won’t take a long time.

Describing India as one of the fastest growing major economies in the world, Jaitley termed the decision to demonetise an important beginning of development.

“As far as the decision with respect to currency is concerned, it marks an important beginning. This decision decides several other implications,” he said.

Taking a dig at the Congress government, the finance minister said the normal that existed for 70 years is “unacceptable”.