The Narendra Modi government that faced severe backlash from the Opposition as well as the common citizens for demonetisation, on Sunday, tried to justify the move. Notably, it was the fourth anniversary of demonetisation by way of which the Centre banned the use of Rs 500 and Rs 1,000 currency notes.
Prime Minister Narendra Modi took to Twitter on the occasion to justify the move. He said demonetisation has resulted in a reduction of black money, increased tax compliance and formalisation. PM Modi said demonetisation has increased transparency.
He said: “Demonetisation has helped reduce black money, increase tax compliance and formalisation and given a boost to transparency. These outcomes have been greatly beneficial towards national progress. #DeMolishingCorruption.”
Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency.
— Narendra Modi (@narendramodi) November 8, 2020
99.3% banned notes returned to system: RBI
Meant to wipe out black money, the Reserve Bank of India said 99.30 per cent of all notes banned managed to come back into its system.
The government, however, has stubbornly defended the move even in the face of scorching opposition criticism.
The ruling BJP on Sunday said demonetisation was an “attack” on corruption and black money that were rampant during the “lost decade” of the Congress-led UPA government.
BJP spokesperson Rajeev Chandrasekhar said, “It resulted in cleaning up of the economy, formalisation of the informal sector and revenue aggregation.”
Demonetisation has 3 impacts.
1. Cleaning up of the economy- Scrutiny has helped.
2. Formalization- It has helped us to reach the poor and needy.
— BJP (@BJP4India) November 8, 2020
Congress observes ‘Vikshwasghaat Diwas’
The Congress on Sunday observed the fourth anniversary of demonetisation as ‘Vikshwasghaat Diwas’ by holding demonstrations in various parts of the country. Members of the Congress’ youth wing NSUI (National Students’ Union of India) were detained in New Delhi during one such demonstration.
At a media briefing in the national capital on Sunday, Congress general secretary Ajay Maken quoted former prime minister Manmohan Singh to say, “The way this scheme has been implemented — is a monumental management failure, and in fact, it is a case of organised loot, legalised plunder of the common people.”
Meanwhile, Rahul Gandhi criticized demonetisation and alleged that PM Modi lied when he said that the move was meant to strengthen India’s fight against black money.
He said: “Four years ago Prime Minister Narendra Modi began an assault on the Indian economy. He hurt farmers, labourers and small shopkeepers. Manmohan Singh ji said the economy will lose two per cent and that is what we saw.”
नोटबंदी PM की सोची समझी चाल थी ताकि आम जनता के पैसे से ‘मोदी-मित्र’ पूँजीपतियों का लाखों करोड़ रुपय क़र्ज़ माफ़ किया जा सके।
ग़लतफ़हमी में मत रहिए- ग़लती हुई नहीं, जानबूझकर की गयी थी।
— Rahul Gandhi (@RahulGandhi) November 8, 2020
Referring to the Prime Minister’s statement that demonetisation was aimed at ending the menace of black money, Rahul Gandhi claimed, “This was a lie. The attack was on you, Modi wanted to take your money and give it to his 2-3 crony capitalist friends. You stood in lines, not his crony capitalist friends. You put your money in banks and PM Modi gave that money to his friends and gave them a loan waiver of Rs 3,50,000 crore.”
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