DeMo anniversary: PM Modi hails move, Congress observes betrayal day

Prime Minister Narendra Modi on Sunday hailed his authorities’s demonetisation transfer 4 years in the past, claiming that it gave a lift to transparency. In a tweet on Sunday, Modi mentioned that the transfer helped scale back black cash, improve tax compliance and formalisation and gave a lift to transparency and that the outcomes have been useful for the nation’s progress.

In graphics accompanying the tweet, the Prime Minister identified that India had was a lesser cash-based economic system with higher tax compliance. He mentioned self-assessment tax of greater than Rs 13,000 crore was paid by focused non-filers and three.04 lakh individuals who deposited money of Rs 10 lakh or extra however had not filed their revenue tax returns had been recognized. He additionally claimed that the demonetisation helped enhance India’s tax/GDP ratio.

 

On November 8, 2016, Prime Minister Modi introduced the choice to ban all foreign money notes of upper denomination of Rs 500 and Rs 1,000 from midnight. Long queues had been witnessed outdoors ATMs for a number of days after that, as individuals tried to get new banknotes in hand. Most of the outdated notes in circulation had been deposited with banks. The transfer got here in for criticism from a number of quarters, and the opposition claimed it had harmed the economic system.

The Congress noticed the fourth anniversary of demonetisation as “Vikshwasghaat Diwas” (betrayal day) because it ran a social media marketing campaign ‘SpeakUpAgainstDeMoDisaster’ and slammed the federal government alleging that it has repeatedly modified the explanatory causes for finishing up the measure 4 years in the past. Demonetisation has “destroyed” the economic system, it added.

Congress common secretary Ajay Maken at a media briefing quoted former prime minister Manmohan Singh’s remarks on November 24, 2016, to hit out on the authorities. “The way this scheme has been implemented — is a monumental management failure, and in fact, it is a case of organised loot, legalised plunder of the common people,” Maken mentioned.

Congress chief Rahul Gandhi alleged that Prime Minister Modi’s transfer 4 years in the past was geared toward serving to a couple of of his “crony capitalist friends” and had “destroyed” the Indian economic system. In a video launched as a part of the occasion’s on-line ‘SpeakUpAgainstDeMoDisaster’ marketing campaign, Gandhi mentioned the query is how the economic system of Bangladesh “surpassed” the Indian economic system as there was a time when India was one of the crucial excessive performing economies of the world.

“The government says that the reason is Covid but if that is the reason, there is Covid in Bangladesh and elsewhere in the world also. The reason is not Covid, the reason is ‘Notebandi’ and GST,” Gandhi mentioned in Hindi.

P Chidambaram, Mallikarjun Kharge, Shashi Tharoor and Salman Khurshid had been amongst senior Congress leaders who additionally slammed the federal government over demonetisation as a part of their occasion’s on-line marketing campaign.

“The first lesson every ruler and every government must learn is that – even if you do not do good to the people, do not do harm. The BJP-led NDA government did great harm to India’s economy on November 8th, 2016,” Chidambaram, a former Union finance minister, mentioned.