New Delhi (NVI): Prime Minister Narendra Modi, on fourth anniversary of note ban today, said that demonetisation has helped reduce black money, increase tax compliance and formalisation and given a boost to transparency.
While tweeting on the completion of fourth year of demonetisation, that came into effect from November 8, 2016, the Prime Minister said shared illustrations with data on the benefits of note ban.
Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency.
These outcomes have been greatly beneficial towards national progress. #DeMolishingCorruption pic.twitter.com/A8alwQj45R
— Narendra Modi (@narendramodi) November 8, 2020
Union Finance Minister Nirmala Sitharaman also echoed PM’s thoughts on note ban. “Demonetisation not only brought transparency and widened the tax base, it also curbed counterfeit currency and increased circulation,” tweeted.
“While surveys conducted post-demonetisation led to unearthing of undisclosed income worth several crore, Operation Clean Money helped formalise the economy,” the FM said in another tweet.
She said that to fulfill its promise of freeing India from corruption, the Modi govt implemented Demonetisation 4 years ago on this day. “The move that was an unprecedented attack on Black Money also led to better tax compliance and a major push to digital economy,” she added.
On November 8, 2016, PM Modi, in an unexpected move, announced the scrapping of the existing Rs 500 and Rs 1,000 notes with immediate effect.
-ARK
