Prime Minister Narendra Modi on Sunday hailed his authorities’s demonetisation transfer 4 years in the past, claiming that it gave a lift to transparency. In a tweet on Sunday, Modi stated that the transfer helped scale back black cash, improve tax compliance and formalisation and gave a lift to transparency and that the outcomes have been useful for the nation’s progress.
In graphics accompanying the tweet, the Prime Minister identified that India had changed into a lesser cash-based economic system with higher tax compliance. He stated self-assessment tax of greater than Rs 13,000 crore was paid by focused non-filers and three.04 lakh individuals who deposited money of Rs 10 lakh or extra however had not filed their revenue tax returns have been recognized. He additionally claimed that the demonetisation helped enhance India’s tax/GDP ratio.
On November eight, 2016, Prime Minister Modi introduced the choice to ban all foreign money notes of upper denomination of Rs 500 and Rs 1,000 from midnight. Lengthy queues have been witnessed exterior ATMs for a number of days after that, as folks tried to get new banknotes in hand. A lot of the previous notes in circulation have been deposited with banks. The transfer got here in for criticism from a number of quarters, and the opposition claimed it had harmed the economic system.
The Congress noticed the fourth anniversary of demonetisation as “Vikshwasghaat Diwas” (betrayal day) because it ran a social media marketing campaign ‘SpeakUpAgainstDeMoDisaster’ and slammed the federal government alleging that it has constantly modified the explanatory causes for finishing up the measure 4 years in the past. Demonetisation has “destroyed” the economic system, it added.
Congress basic secretary Ajay Maken at a media briefing quoted former prime minister Manmohan Singh’s remarks on November 24, 2016, to hit out on the authorities. “The way in which this scheme has been carried out — is a monumental administration failure, and actually, it’s a case of organised loot, legalised plunder of the frequent folks,” Maken stated.
Congress chief Rahul Gandhi alleged that Prime Minister Modi’s transfer 4 years in the past was aimed toward serving to just a few of his “crony capitalist buddies” and had “destroyed” the Indian economic system. In a video launched as a part of the occasion’s on-line ‘SpeakUpAgainstDeMoDisaster’ marketing campaign, Gandhi stated the query is how the economic system of Bangladesh “surpassed” the Indian economic system as there was a time when India was some of the excessive performing economies of the world.
“The federal government says that the reason being Covid but when that’s the reason, there may be Covid in Bangladesh and elsewhere on the planet additionally. The reason being not Covid, the reason being ‘Notebandi’ and GST,” Gandhi stated in Hindi.
P Chidambaram, Mallikarjun Kharge, Shashi Tharoor and Salman Khurshid have been amongst senior Congress leaders who additionally slammed the federal government over demonetisation as a part of their occasion’s on-line marketing campaign.
“The primary lesson each ruler and each authorities should be taught is that – even when you don’t do good to the folks, don’t do hurt. The BJP-led NDA authorities did nice hurt to India’s economic system on November eighth, 2016,” Chidambaram, a former Union finance minister, stated.