A day ahead of demonetisation anniversary, Defence Minister Nirmala Sitharaman today elaborated on the benefits of the note ban order (when Rs 1,000 and Rs 500 notes were banned) that Prime Minister Narendra Modi had given on November 8, 2016, especially in aiding the fight against terrorists and their supporters. Defence Minister, speaking in the evening to gathered mediamen, said, “The data shows that the flow, to the terrorists, of funds has clearly been choked after demonetisation.” This came within hours of the big revelation that the National Investigation Agency (NIA) had seized as much as Rs 36 crore in demonetised currency notes, that are allegedly linked to financing of terrorist and separatist activities in Jammu and Kashmir. Authorities also arrested 9 people. Aside from the cash, authorities also seized some luxury vehicles including BMW X3, Hyundai Creta SX, Ford EcoSport and BMW X1. This was revealed by the NIA.
Nirmala Sitharaman said that there was a direct effect of the note ban order on violence in the state too. She said, “As a result of which, from J&K in 2017 summer, the number of stone pelting incidents have come down.”
Earlier, in the day, Finance Minister Arun Jaitley described India’s biggest-ever note ban a year ago as a watershed moment in the country’s economic history, saying it has provided the next generation with a fair and honest system to live in. On the eve of the first anniversary of the decision to invalidate 86 percent of the currency in circulation, Jaitley said the move has met its objective of reducing cash in the economy, ending anonymity of cash, bringing in more individuals in the tax net and dealing a body blow to black money.
In a 1,843 word blog, ‘A Year After Demonetisation’, he said that November 8, 2016 “signifies the resolve of this Government to cure the country from ‘dreaded disease of black money’.” “November 8, 2016, would be remembered as a watershed moment in the history of the Indian economy,” he said. “In an overall analysis, it would not be wrong to say that country has moved on to a much cleaner, transparent and honest financial system.” Toss delayed due to rain