Money has now been identified with its owner: Jaitley on RBI report

Says next step will be to cleanse political funding

"Money has now been identified with its owner," said Finance Minister Arun Jaitley on 99% of demonetised currency coming back into banking system, a finding that was made by RBI in a report earlier today.

"People with inadequate understanding of how to tackle black money linked note ban with money returned to system," he further said over Opposition's criticism of the move that took place in November 8, 2016.

Jaitley said, "Objective of note ban was to bring down cash in economy, bring digitisation, expand tax base and fight black money."

A total of Rs 15.28 lakh crore was returned