New Delhi, November 8: Good morning. Today on the anniversary of demonetisation Nation cheering up to celebrate the victory for #AntiBlackMoneyDay. Today marks a year since Prime Minister Narendra Modi addressed the nation and announced an unprecedented recall of currency, an initiative that we now call demonetisation, in an effort to crack down on black money and shift India towards a less-cash economy.
“125 Crore Indians fought a decisive battle and won. I bow to the people of India for steadfastly supporting the several measures taken by the Government to eradicate corruption and black money,” said Prime Minister Narendra Modi.
Defence Minister Nirmala Sitharaman participated in a signature campaign organised by Tamil Nadu BJP Youth Wing.
With a blow to the evil and corrupt practices that not only shunt the development of common man but the whole nation, Prime Minister Narendra Modi last year on this night announced about demonetizing the old currencies of 500 and 1000. Demonetisation brought the massive wave in nation where serpentine queues took another form of satisfaction to common man while on other hand corrupt people were suffering. Demonetisation was one such m0ove made by India that has brought India today on the ‘top’ positions amongst global economies in every sector be it in agriculture, industrial or food processing.
Demonetisation move certainly helped in washing out the shadow economy, curbing the illegal transactions and majorly it affected the terrorism and naxalism from roots. The demonetization showed the Multi-dimensional positive effect on the economy such as a large amount of black money was unearthed and also it was a conclusive blow to the terrorism and Naxalism. Due to this step, the financial system of India was cleaned. The jobs for poor were increased because of the proper formalization. Tax compliance increased. Demonetization led in the growth of digital payments.
Here are the consequences of #Demonetisation:
Demonetisation proved to be India’s highest ever unearthing of black money:
0.00011% of India’s population deposited almost 33% of total cash in the country!
17.73 lakhs cases where cash transactions did not match tax profile
Cash deposits of Rs 3.68 lakh crore in 23.22 lakh accounts under suspicion
High denomination notes brought down by about Rs 6 lakh crore
Decisive blow to terrorism and naxalism
Stone-pelting incidents in Kashmir reduced by 75%
Incidents of Left Wing Extremism down by more than 20%
7.62 lakh counterfeit notes detected
Massive cleansing of India’s financial system
Maze of shell companies dealing in black money and hawala transactions uncovered
In a surgical strike on shell companies, 2.24 lakh companies struck off
58,000 bank accounts belonging to 35,000 companies caught transacting Rs.17,000 Crore after demonetisation
Big push towards formalization, better jobs for the poor
Direct transfer of salary into bank accounts of workers
1.01 Crore employees enrolled with EPFO
13 Crore workers registered with ESIC thus bringing social security and health benefits to them
Today #AntiBlackMoneyDay will be celebrated all over the nation to cheer the victory that helped India cut down of illegal transactions, black money, terrorism, naxalism on vast scale. Earlier on Tuesday while talking at Press Conference Finance Minister Arun Jaitley described demonetisation a as “watershed moment for the Indian economy.”
Along with Prime Minister Modi, other leaders too took to Twitter expressing the happiness over #DeMoWins: