Almost nine months back when PM Narendra Modi took the historic decision to demonetise the Rs 500 and Rs 1000 notes, the government had to bear the criticism of not only the Opposition but the nation as well. Now, when the Reserve Bank has come up with its latest figures, the result clearly shows that the decision was in the interest of the common man, says Anil Baluni, head, BJP media cell, in a column for Indian Express. Demonetisation was mainly aimed to put a check on black money which was circulating in the economy. Despite being regarded as an economic revolution by the world, critics conveniently ignored what demonetisation was capable of and called it an immature decision by the government. Not even a year has passed but Modi government’s ‘notebandi’ decision has already started bearing fruits. Here are five reasons why it can’t be ignored that ‘notebandi’ is a boon for India:
- According to RBI’s latest figures, lakhs of fraud transaction are already under scrutiny. Not only this, over three lakh shell companies have been unearthed and 2.1 lakh companies have been deregistered due to irregularities, Indian Express reported. 1,150 companies involved in money laundering cases have been caught and Rs 13,300 crore has been recovered.
- Since the implementation of demonetisation, PM Narendra Modi has been pitching for a cashless economy. RBI has collected 99 per cent of the Rs 500 and Rs 1,000 notes made defunct on November 8, 2016, which amounts to Rs 15.28 lakh crore approximately.
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- One of the pivotal reasons of demonetisation was to eliminate the terror funding in Kashmir and Naxalism in affected areas. ‘Notebandi’ has posed a major impact on the fake note rackets which were being used to fund terror organisation leading to the weakness of the economy. According to Indian Express, the RBI figures show successful flushing out of black money.
- It is surprising to see how India has adopted to the cashless mode of transaction following demonetisation. Reportedly, from 71.27 crore digital transactions in October 2016, this figure has gone up to 111.45 crore in May 2017. According to experts, by 2020 digital payments in India will touch $500 billion.
- Demonetisation was the biggest of setbacks for cash defaulters. Benami cash worth Rs 1.7 lakh crore has been caught, showing how ‘a parallel black economy was thriving due to the indecision of previous governments,’ says Anil Baluni.