Prime Minister Narendra Modi on Sunday praised his government’s move to demonetise four years ago, claiming that it has promoted transparency. Modi said in a tweet on Sunday that the move helped reduce black money, increase tax compliance and formalization and promote transparency and the results were beneficial for the country’s progress.
In the graphics accompanying the tweet, the Prime Minister said that India had transformed into a less cash-based economy with better tax compliance. He said that the self-assessment tax of over Rs 13,000 crore was paid by the targeted non-filers and 3.04 lakh persons who had deposited cash of Rs 10 lakh or more, but had not filed their income tax returns. He also claimed that demonetisation helped improve India’s tax / GDP ratio.
On 8 November 2016, Prime Minister Modi announced a ban on all currency notes of high denomination of Rs 500 and Rs 1,000 from midnight. Long queues were then seen outside the ATM for several days as people tried to take new notes in hand. Most of the old notes in circulation were deposited with banks. The move came under criticism from several quarters, and the opposition claimed that it had damaged the economy.
The Congress celebrated the fourth anniversary of demonetisation as “Development Day” (Day of Betrayal) as it launched a social media campaign ‘SpeakupAgainsteadMoCaster’ and accused the government of pursuing the measure four years ago for explanatory reasons. Has changed It shows that the economy has caused “destruction”.
Congress general secretary Ajay Maken targeted the government on 24 November 2016 in a media briefing about former Prime Minister Manmohan Singh’s remarks. “The way this scheme is implemented – a monumental failure of management, and in fact, it is a case of organized loot, loot of common people,” Maken said.
Congress leader Rahul Gandhi alleged that Prime Minister Modi’s move four years ago was intended to help some of his “chronic capitalist friends” and “destroy” the Indian economy. In a video released as part of the party’s online ‘SpeakupAgainsteadModistor’ campaign, Gandhi said that the question is how Bangladesh’s economy “advances” the Indian economy as there was a time when India was among the most high-performing economies. Used to be one of the world.
“The government says that the reason for this is Kovid, but if this is the reason, then there is Kovid in Bangladesh and elsewhere in the world. The reason for this is not Kovid, the reason is ‘demonetisation’ and GST. ‘
P. Chidambaram, Mallikarjun Kharge, Shashi Tharoor and Salman Khurshid were among the senior leaders of the Congress who gave sloganeering slogans to the government as part of their party’s online campaign.
“The first lesson every ruler and every government should learn is that – even if you do not do good to people, do not harm them. The BJP-led NDA government did a lot of damage to India’s economy on 8 November 2016. ”, Former Union Finance Minister Chidambaram said.
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