Demonetisation Anniversary: PM Narendra Modi hails decision, says helped reduce black money

Prime Minister Narendra Modi on Sunday, November 8 hailed the fourth anniversary of the announcement of demonetisation and called it a move that reduced black money and improved transparency.

Taking to Twitter, Prime Minister Narendra Modi said, "Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency." 

He also said that demonetisation helped in the progress of the country.

The Bharatiya Janata Party justified the move and stated that UPI transactions between 2016-17 were worth Rs 6,952 crore while the collection increased to Rs 21 lakh crore in 2019-20.

They also claimed that the corporate taxpayers' returns in 2018-19 were 35% higher than the returns received in 2013-14.

"During 2016-17, 8.03 lakh returns were filed by corporate taxpayers; this increased to 9.42 lakh in 2017-18. Operation clean money was launched after demonetisation. Self-assessment tax of more than Rs 13,000 crore was paid by targeted non-filers," said BJP.

The BJP further said that the real estate sector had become a hub for black money transactions but post-demonetisation the sector has become more transparent, organised and reliable which is now benefitting the buyers.

"India's tax/GDP ratio drastically improved after demonetisation," said BJP.

On November 8, 2016, Prime Minister Narendra Modi had announced demonetisation - ban on currency notes of higher denomination of Rs 500 and Rs 1,000 - from midnight.