In a statement released to media, Finance Minister Arun Jaitley on Tuesday hinted that tax rates might be brought down as demonetisation is likely to bring in higher tax revenues from unaccounted wealth.

“Once they are substantially digital, they get caught in tax net. Therefore, the future taxation level would be much higher than what is currently being collected. This would also enable the government at some stage to make taxes more reasonable, which will apply to both direct and indirect taxes,” he said.

Finance Minister also expressed hope that, the interest rate of loans will also come down as banks received large amount as deposits.He also informed that the turn around in the availability of currency notes would be solved in three weeks as RBI will make available new currency notes. The situation will significantly ease by Jan 10, 2016.