Demonetisation cleaned up the financial system, dealt physique blow to black cash: BJP – india information

2020/11 08 12:11

Demonetisation was an “assault” on corruption and black cash that had been rampant in the course of the “misplaced decade” of the Congress-led UPA authorities, the BJP mentioned on Sunday whereas hitting out on the opposition get together for criticising the transfer.

On November eight, 2016, Prime Minister Narendra Modi had introduced the choice to ban all foreign money notes of upper denomination of Rs 500 and Rs 1,000 from midnight.

Demonetisation was good for the nation, BJP nationwide spokesperson Rajeev Chandrasekhar mentioned.

It resulted in cleansing up of the financial system, formalisation of the casual sector and income aggregation, he informed a press convention on the get together’s headquarters right here on the fourth anniversary of demonetisation.

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“Demonitisation had dealt a physique blow to the systemic monetary corruption and black cash financial system. Since then, it has concurrently invigorated formal financial system and introduced unprecedented monetary advantages to all sections of society,” Chandrasekhar mentioned.

His remarks got here after Congress chief Rahul Gandhi slammed the federal government over demonetisation, alleging that the transfer 4 years in the past was geared toward serving to a number of of Prime Minister Modi’s “crony capitalist pals” and had “destroyed” the Indian financial system.

With out taking names, Chandrasekhar mentioned,”If there may be anyone who shouldn’t speak about loot, mismanagement of the financial system it ought to be individuals from the Congress. Through the misplaced decade of the Congress-led UPA authorities, there was rampant black cash and corruption within the nation’s financial system.”

The United Progressive Alliance (UPA) was in energy on the Centre for 2 phrases from 2004 to 2009 and from 2009 to 2014.

From 2014, the Modi authorities launched into reworking the financial system and demonetisation was a part of it to make sure authorities sources attain the poor and the downtrodden with out corruption and leakage, Chandrashekhar mentioned.

“Demonetisation had three vital and tangible impacts — cleansing up of the financial system, formalisation of the casual sector because it helped us to achieve the poor and needy, and income aggregation,” the BJP chief mentioned.

Chandrasekhar mentioned the financial transformations or choices taken by Modi authorities within the final six years had an general optimistic affect on the Indian financial system.


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