Reported By:
| Edited By: Mukhtar Abbas Naqvi |Source: DNA |Updated: Nov 18, 2017, 08:14 AM IST
Under demonetisation or notebandi, Prime Minister Narendra Modi, on November 8, 2016, announced that the currency of Rs 500 and Rs 1,000 would cease to be legal tender. The government also declared that it had issued new notes of Rs 500 and Rs 2,000.
It’s been one year since the demonetisation drive and the BJP-led NDA government’s decision has proved to be a right step in the direction of tackling the menace of corruption and black money.
The drive has achieved tremendous success in unearthing black money worth lakhs of crores of rupees. Demonetisation has been successful in achieving all its targets, including curbing counterfeit currency in circulation, formalisation of cash-dependent businesses, bringing back money lying idle in the country’s banking system and hitting hard at the financial backbone of terrorism and Naxalism. A larger tax base, more digitisation, less cash, and integration of the informal economy with the formal economy were also the principal objectives of demonetisation.
Terrorism and Naxalism, which were heavily reliant on black money, have been effectively neutralised through the Central government’s demonetisation drive. There has been a significant decline in stone-pelting incidents and terror activities in Kashmir, and incidence of Naxal attacks in the country has come down.
Our government’s commitment to transparency and good governance has ensured that the ‘loot lobby and middlemen’, who were active in the corridors of power during the Congress-led UPA government, are restrained. While we observed ‘Anti-Black Money Day’ on November 8, 2017, the Congress observed it as ‘Black Day’ to protest against the demonetisation drive.
The Congress-led government’s tenure was marred by a series of financial improprieties such as the Commonwealth Games scam, 2G Spectrum scam, and Coal blocks allocation scam to name a few. These scams worth lakhs of crores of rupees severely damaged the economy and dented the image of our country. The money meant for the welfare of the poor was looted.
On his first day in office, Prime Minister Narendra Modi-led government had constituted a Special Investigation Team (SIT) to unearth and bring back black money, which was stashed away abroad.
Our commitment against corruption can be gauged by the fact that not a single case of corruption has taken place in the last three years of the NDA government.
While on one hand, measures taken by our government to eradicate corruption has ensured that public money is being utilised for the socio-economic-educational welfare of the poor and weaker sections, on the other hand, these measures have created panic among the corrupt. The Congress and its allies, who had earlier questioned the surgical strikes carried out by the Indian Army targeting terror camps, also criticised the demonetisation process.
The Congress, which ruled the country for about more than 50 years after independence, failed to act against corruption and black money during their tenure. The principal Opposition party today also failed to realise that the common people of the country supported the demonetisation drive even though they faced some difficulty during the process of notebandi.
People had to stand in serpentine queues to change their old notes, and to withdraw money from banks and ATMs. But they wholeheartedly supported the Central government’s decision of demonetisation as they knew that this exercise would benefit them and the country in the long term. I salute the people for not questioning the intention behind note-ban, despite going through so many hardships.
Even though our government at the Centre never thought about politics and elections while taking the decision of demonetisation, the Congress and its allies termed the Uttar Pradesh assembly elections in February-March this year a “referendum” on demonetisation.
The entire country witnessed the BJP coming to power in Uttar Pradesh with a historic mandate. The BJP has also won many local bodies’ elections in several states after the demonetisation drive. It clearly shows that the people of the country have supported our government in the fight against corruption and black money.
Only a person of strong will like PM Modi can take bold decisions such as notebandi. The demonetisation drive shows how determined the PM is in combating tax evasion, corruption and black money.
Leaders from across the world and various global financial institutions have lauded the PM for this drive. The World Bank, American CEOs and others praised the PM’s decision to ban high-value bank notes as part of his efforts to stamp out corruption, saying that it will have a positive impact on India’s economy. National and international media also praised the move.
After demonetisation, about three lakh shell companies’ registrations have been cancelled. About 57 lakh new income tax payers have been added. From April to October this year, a record 3.78 crore returns have been filed by people and companies. It was 3.21 crore during the same period last year. A record 6.85 crore taxpayers have been registered on the e-filing website of the Income Tax Department. Among other things, demonetisation has brought digital payment awareness in the country.
Under the leadership of the PM Modi, the measures to strengthen the Indian economy, which include several reforms, are being recognised by the entire world today. India has become a safe and attractive destination for foreign investment.
The GDP growth rate remained below five per cent during the UPA. But the GDP growth rate has been above seven per cent during the last three years of the NDA government. In the recently issued World Bank report, India has jumped 30 places up to 100 in the ease of doing business rankings in 2017.
