1. Demonetisation proving its critics wrong; here are 5 reasons why

Demonetisation proving its critics wrong; here are 5 reasons why

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.

By: | Updated: September 15, 2017 3:45 PM
Demonetisation, notebandi, Narendra Modi, Reseve bank of india, Arun Jaitley, balck money, terror funding, Benami cash  Demonetisation was mainly aimed to put a check on black money which was circulating in the economy. (IE)

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.

 

  1. N
    Naresh Gupta
    Sep 24, 2017 at 10:40 am
    It is the high time for those who had been indulging in creation of black money to stop this and initiate doing business/transaction before Govt. takes any punitive measures. By coming in the mainstream, they shall be able to be part of Govt. initiatives to development, improving the conditions of common man besides developing themselves.
    Reply
    1. R
      rangaramubk
      Sep 17, 2017 at 10:11 pm
      Great India God Vishnu protecting Godess Lakshmi
      Reply
      1. S
        Sree
        Sep 16, 2017 at 6:00 pm
        Though demonetization has not worked that well, Modi BJP government are doing very well in all aspects including demonetization. Way to go Modi BJP! Hats off and great work! The rate at which things are changing, i'm sure india will be a superpower soon ..
        Reply
        1. A
          AKS Seth
          Sep 16, 2017 at 10:53 am
          Honestly FE should change its name to Swarajya Magazine now. Articles after articles have proven all the five points to be false. But FE publishes it with a misleading headline. What a fall from grace.
          Reply
          1. S
            Sanjeev Tomar
            Sep 15, 2017 at 11:24 pm
            Mitron,please accept demonetisation is successful,otherwise they will spend 1000 crores on adverti ts to prove it successful. Prime minister ji ,i accept your every step is successful.
            Reply
            1. Harsh Noida
              Sep 16, 2017 at 9:12 am
              mitra
              Reply
              1. Harsh Noida
                Sep 16, 2017 at 9:13 am
                Tohro maiya ki mitra
                Reply
              2. T
                Thanks
                Sep 15, 2017 at 11:20 pm
                New stream of studies like philosophy, sciencescience its called BLUFFOLOGY BLUFFOLOGY, resurrected. An advocate of this stream of studies is known as BLUFFER.
                Reply
                1. T
                  Thanks
                  Sep 15, 2017 at 11:11 pm
                  Cat closing the eyes and drinking milk thinking that nobody sees it drinking. Or one who closes the eyes and saying its night. All 3 master piece arguments went punctured. Rolling where one is fallen.
                  Reply
                  1. R
                    Rishabh Parakh
                    Sep 15, 2017 at 10:40 pm
                    This analysis seems to have been done by an illiterate kid
                    Reply
                    1. R
                      Rajib
                      Sep 15, 2017 at 9:43 pm
                      All are paid news just like other event in modi jamana
                      Reply
                      1. S
                        Srinivasu K
                        Sep 15, 2017 at 8:51 pm
                        Your assessment is totally wrong .none of the four objectives of demonetisation proudly pronounced have been met.Why this perfidy? You hypocritical !
                        Reply
                        1. S
                          Sridhar
                          Sep 15, 2017 at 8:42 pm
                          Demonetisation trough small business people getting very problems high pain regards before demonetisation making business through cash after the demonetisation making business through account in this giving checks more checks going bounses in our govt not check bounced cases not taken very serious action and case process going very long time very very bad to small business people and suffering interest, funds problem creating. as per our assumptions better cash trough for small business people.
                          Reply
                          1. T
                            Truth
                            Sep 15, 2017 at 8:32 pm
                            #the blind and ng modi bhakt
                            Reply
                            1. J
                              Jbr
                              Sep 15, 2017 at 7:28 pm
                              Rubbish, common man has not yet been benefited from demonitisation instead they have lost there job GDP has gone down then why this people are giving fake news.
                              Reply
                              1. A
                                Antony
                                Sep 15, 2017 at 7:07 pm
                                A pond was emptied to kill the crocodiles resulting in killing all the small fishes. The cleaners then realised that crocodiles can live in land also This story sums up demonetisation
                                Reply
                                1. Vinay Dalvi
                                  Sep 15, 2017 at 5:48 pm
                                  One BJP employee praising his employer Mr Modi. To save his job. It's really shameful. And trying to fool the people of India.
                                  Reply
                                  1. C
                                    cr
                                    Sep 15, 2017 at 5:03 pm
                                    Same goals could have been achieved through a comfortable longer deadline, no need for the 4 hour drama.
                                    Reply
                                    1. M
                                      Manu
                                      Sep 15, 2017 at 4:01 pm
                                      Seriously !!! Do you think we are dumb Mr Editor ?
                                      Reply
                                      1. R
                                        Rahul Ashok
                                        Sep 15, 2017 at 3:13 pm
                                        Thank you for this good article.. I personally am happy for demonitisation. I am sure that the much more black money will be used for public good after the tax men are done with unearthing tax defaulters
                                        Reply
                                        1. N
                                          Nats
                                          Sep 15, 2017 at 2:58 pm
                                          rubbish article
                                          Reply
                                          1. I
                                            Indra
                                            Sep 15, 2017 at 2:50 pm
                                            Expected a better defense from the head of media cell. Very week arguments... If everyone is able to feel the benefits then what is the use of propaganda
                                            Reply
                                            1. M
                                              mukesh
                                              Sep 15, 2017 at 2:01 pm
                                              Disgusting article with no substance and just to make a headline. I am not sure who edits this type of article and allow to publish .All the 5 points are worthless .This seems to be a paid article but in that case also it should be paid to people who are worth getting paid.
                                              Reply
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