4 years on, PM Narendra Modi says demonetisation demolished corruption

Administrator_India | November 9, 2020 | 0 | Economy

By Administrator_India

Capital Sands

On the fourth anniversary of note ban, Prime Minister Nare­ndra Modi on Sunday said it helped reduce black money, increase tax compliance 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 demonetisation.

“Demonetisation has helped reduce black money, increase tax compliance 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 demonetisation has ensured better tax compliance, improved tax and GDP ratio, made India a lesser cash based economy and gave a boost to national security.

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.

Shipping ministry to be renamed: PM Modi

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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