1. What did you gain from demonetisation? Modi government explains

What did you gain from demonetisation? Modi government explains

Demonetisation anniversary: People of India won't be able to forget the evening of November 8 as Prime Minister Narendra Modi had taken one of the boldest moves of his political career.

By: | New Delhi | Updated: November 8, 2017 9:37 AM
demonetisation, demonetisation anniversary, note ban, note ban 1 year, narendra modi, pm modi, rahul gandhi, black day, anti-black day, congress, bjp, note ban gains, Demonetisation anniversary: People of India won’t be able to forget the evening of November 8 as Prime Minister Narendra Modi had taken one of the boldest moves of his political career. (PTI image)

Demonetisation anniversary: People of India won’t be able to forget the evening of November 8 as Prime Minister Narendra Modi had taken one of the boldest moves of his political career. As the country is witnessing the demonetisation anniversary, a political slugfest has already erupted over the impact of the note ban move. Opposition led Congress is observing the occasion as ‘black-day’. BJP has come out all guns blazing to counter the charge. Finance Minister Arun Jaitley yesterday had described the the November 2016 demonetisation of Rs 500 and 1,000 currency notes as “a watershed moment for the Indian economy”. He also said it not only changed the agenda and made corruption difficult but because it was a “morally and ethically correct” step, it was also “politically correct”. The central government is leaving no stone unturned to make people aware of the benefits of the demonetisation. Take a look

A. Demonetisation- A Historic and Multi-Dimensional success

1. India’s highest ever unearthing of black money

2. 0.00011% of India’s population deposited almost 33% of total cash in the country

3. 17.73 lakh cases where cash transactions did not match tax profile

4. Cash deposits of rs 3.68 lakh crore in 23.22 lakh accounts under suspicion

5. High denomination notes brought down by about rs 6 lakh crore

B. Decisive blow to terrorism and naxalism

1. Stone-pelting incidents in kashmir reduced by 75%

2. Incidents of left wing extremism down by more than 20%

3. 7.62 lakh counterfeit notes detected

WATCH- Here are the benefits of demonetisation, says PM Modi

C. Massive cleansing of India’s financial system

1. Maze of shell companies dealing in black money and hawala transactions

2. In a surgical strike on shell companies, 2.24 lakh companies struck off

3. 58,000 bank accounts belonging to 35,000 companies caught transacting Rs 17,000 crore after demonetisation

D. Big push towards formalisation, better jobs for the poor

1. Direct transfer of salary into bank accounts of workers

2. 1.01 crore employees enrolled with EPFO

3. 1.3 crore workers registered with ESIC thus bringing social security and health benefits

E. Unprecedented increase in tax compliance due to demonetisation

1. New tax payers increased by 26.6% from 66.53 lakh in 2015-16 to 84.21 lakh in 2016-17.

2. Number of e-returns filed increased by 27.95% from 2.35 crore in 2016-17 to 3.01 crore in 2017-18.

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