New Delhi: On the fourth anniversary of the announcement of demonetisation, PM Narendra Modi on Sunday (November 8, 2020) hailed the move and said that it helped reduce black money and improved transparency.
PM Narendra Modi took to Twitter and wrote, "Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency."
He added that these outcomes have been greatly beneficial towards national progress.
Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency.
These outcomes have been greatly beneficial towards national progress. #DeMolishingCorruption pic.twitter.com/A8alwQj45R
— Narendra Modi (@narendramodi) November 8, 2020
The Bharatiya Janata Party stated that in 2016-17, UPI saw transactions worth Rs 6,952 crore while it increased to Rs 21 lakh crore in 2019-20.
Demonetisation a boon for New India.
207.16 crore UPI transactions done in October 2020.
According to NPCI, the transactions crossed Rs. 3.86 lakh crore in value.#DeMolishingCorruption pic.twitter.com/kWKbzVL8fm
— BJP (@BJP4India) November 8, 2020
The national party claimed that the corporate taxpayers' returns in 2018-19 were 35% higher than the number of returns 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.
BJP said that the real estate sector had become a very easy way for black money transactions and post-demonetisation, the real estate sector is now more transparent, organised, reliable and favorable to buyers.
"India's tax/GDP ratio drastically improved after demonetisation," said BJP.
India's tax/GDP ratio drastically improved after demonetisation. #DeMolishingCorruption pic.twitter.com/gO3ZyuMa0d
— BJP (@BJP4India) November 8, 2020
Earlier on November 8 in 2016, Prime Minister Modi had announced to ban all currency notes of higher denomination of Rs 500 and Rs 1,000 from midnight.
