Demonetisation open fight against black money: Raman Singh

Chhattisgarh Chief Minister Raman Singh, on the eve of demonetisation's first anniversary, termed the currency ban an open fight against black money.

"The decision taken one year ago under the guidance of Prime Minister Narendra Modi has proven to be a historical and revolutionary step towards curbing the circulation of black money and putting the Indian economy on a stronger track," the Chief Minister said.

While the Bharatiya Janata Party (BJP) government is celebrating the anniversary as anti-black money day, the Opposition will observe it as Black Day.

In a statement issued for the public, Singh said, "Black money is the biggest reason behind corruption, terrorism, poverty, and inflation".

"To free the country of these issues, PM Modi initiated this open fight with black money. This is a representation of PM's strong determination," he said.

The BJP leader said the scrapping of Rs 500 and Rs 1000 notes curbed the circulation of fake notes and also led to strict action against those responsible.

"Within a year of demonetisation, all the banks, including those in Chhattisgarh, saw an increase in deposits worth Rs 3 lakh crores. About 4,73,000 suspicious dealings were exposed and Income-tax return filings registered an increase of 24.7 percent," he pointed out.

The politician further credited demonetisation for the promotion of online banking and cashless transactions among the public.

On this date in 2016, Prime Minister Modi announced a ban on the use of Rs 500 and Rs 1000 denominations note in an unscheduled live televised address at 8 pm.