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4 years on, PM Narendra Modi says demonetisation demolished corruption

On November 8, 2016, Modi announced the decision to ban all currency notes of denomination of 500 and 1,000 from midnight

Topics
Demonetisation | Narendra Modi | Black money

Press Trust of India  |  New Delhi 

Narendra Modi
Demonetisation has helped reduce black money, increase tax compliance and formalisation and given a boost to transparency, Modi claimed

On the fourth anniversary of note ban, Prime Minister Nare­ndra Modi on Sunday said it helped reduce black money, increase and formalisation, and gave a boost to transparency.

On November 8, 2016, Modi announced the decision to ban all currency notes of denomination of 500 and 1,000 from midnight.

Taking to Twitter, Prime Minister Modi listed the beneficial outcomes of

has helped reduce black money, increase and formalisation and given a boost to transparency.”

“These outcomes have been greatly beneficial towards national progress,” Modi tweeted with the ‘DeM­olishingCorruption’ hashtag. Along with his tweet, the prime minister also shared a graphic on how has ensured better tax compliance, improved tax and GDP ratio, made India a lesser cash based economy and gave a boost to national security.

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The Congress alleged that the government had continuously changed the explanatory reasons for carrying out the measure four years ago and it has “destroyed” the economy.

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The PM on Sunday said the Ministry of Shipping was being expanded and renamed as the Ministry of Ports, Shipping and Wate­rways. He inaugurated a Ro-Pax ferry service between Hazira in Surat and Ghogha in Bhavnagar, which will cut the 370-km road between the two places to 90-km by sea route.

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First Published: Mon, November 09 2020. 00:17 IST
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