PM Modi puts up big defence of demonetisation. Here is what he said

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New Delhi | Updated: August 15, 2017 10:19:22 AM

Independence Day 2017: Prime Minister Narendra Modi today defended demonoetisation, saying it has helped in bringing unaccounted cash as well as black money to banks.

independence day 2017, narendra modi, narendra modi independence day speech, demonetisation, narendra modi on demonetisation, black money, modi on demonetisation, modi independence day speechIndian Prime Minister Narendra Modi addresses the nation on the country’s Independence Day from the ramparts of the historical Red Fort in New Delhi, India, Tuesday, Aug. 15, 2017. India commemorated its Independence in 1947 from British colonial rule, on Aug. 15. In the background, Indian children choreograph the Hindi word “Bharat”. (AP Photo)

Prime Minister Narendra Modi today defended demonetization, saying it has helped in bringing unaccounted cash as well as black money to banks. “Now loot won’t be allowed in the country, everyone will have to answer. Our fight against corruption and black money will continue. We are fighting corruption for the future of India and the well being of our people,” PM Modi said during his speech from the Red Fort on Independence Day 2017.

Defending demonetisation, PM Modi said around Rs 3,00,000 crore, which was earlier out of the banking system, has come to banks. “This is not government research this is outside experts,” he added. According to the PM, over Rs 2,00,000 crore black money reached banks, while around Rs 1,75,000 crore deposited by people post note-ban is under suspicion. He also said that around 18 lakh people with disproportionate income are under government scrutiny.

Of these 18 lakh people, around 4.5 lakh have come out in the open in a bid to amend their “mistakes”, he said, adding around 1 lakh of them had not paid income tax in past.

PM said that demonetisation has checked the generation of new black money. “The result of this has been that this year, the new tax payers (filing returns) has more than doubled to 56 lakh. Last year this was 22 lakh. This is the result of the fight against black money,” he said.

“Today we are celebrating the festival of honesty. Those who have looted the nation and looted the poor are not able to sleep peacefully today,” he said.

The PM further said that note ban has brought lots of money to the banks, which have helped lower the interest rates. “Banks are lending to poor at lower interest rates. This is all working to boost the country’s economy,” he said.
Talking about the crackdown on black money, PM Modi said around 3 lakh firms have been identified as shell companies.

“After data mining post demonetisation, we have found 3 lakh such companies which are only shell companies,” he said, adding, “You will be surprised to know that there are 400 shell companies operating from same address. There was no enquiry and all of it was going on in connivance (between tax evaders and officials). And for this, I embarked on a fight against
black money and corruption,” he said.

Modi government had formed a SIT on Black Money in 2017. Ever since the formation of SIT, PM Modi said, black money worth Rs 125,000 have been unearthed in three years.

“More transparency to come after the introduction of GST. It has helped improve 30% efficiency in the transport sector,” he said.

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