PM Modi says Demonetisation reduced circulation of black money in India

Even as the opposition Congress mounted an attack on the central government on the fourth anniversary of demonetisation, Prime Minister Narendra Modi defended it by saying the measure helped reduce black money.

“Demonetisation helped reduce black money, increase tax compliance and formalisation and gave a boost to transparency. These outcomes have been greatly beneficial towards the national progress,” Modi tweeted.

The Prime Minister said India had turned into a lesser cash-based economy with better tax compliance. He said self-assessment tax of more than Rs 13,000 crore was paid by targeted non-filers and 3.04 lakh persons who deposited cash of Rs 10 lakh or more but had not filed their income tax returns were identified.

Modi also said that 2.09 lakh such identified non-filers had responded and paid self- assessment tax of Rs 6,531 crore.

He also claimed that the demonetisation helped improve India’s tax/GDP ratio.

Map for representational purposes only

The Prime Minister said the number of counterfeit notes in circulation decreased as well as did decreased sources for financing for terror and left-wing extremism.

Modi had announced demonetisation on November 8, 2016, wherein all old Rs 500 and Rs 1,000 banknotes were withdrawn.

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Arushi Sana is the Co Founder of NYK Daily. She was a Forensic Data Analyst previously employed with EY (Ernst & Young). She aims to develop a global community of knowledge and journalism par excellence through this News Platform. Arushi holds a degree in Computer Science Engineering. She is also a Mentor for women suffering from Mental Health, and helps them in becoming published authors. Helping and educating people always came naturally to Arushi. She is a writer, political researcher, a social worker and a singer with a flair for languages. Travel and nature are the biggest spiritual getaways for her. She believes Yoga and communication can make the world a better place, and is optimistic of a bright yet mysterious future!

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