Four years of demonetisation: PM Narendra Modi says it helped reduce black money, improved transparency
India

Four years of demonetisation: PM Narendra Modi says it helped reduce black money, improved transparency

New Delhi: On the fourth anniversary of the announcement of demonetisation, PM Narendra Modi on Sunday (November 8, 2020) hailed the transfer and mentioned that it helped cut back black cash and improved transparency.

PM Narendra Modi took to Twitter and wrote, “Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency.” 

He added that these outcomes have been vastly useful in direction of nationwide progress. 

The Bharatiya Janata Party acknowledged that in 2016-17, UPI noticed transactions value Rs 6,952 crore whereas it elevated to Rs 21 lakh crore in 2019-20.

The nationwide social gathering claimed that the company taxpayers’ returns in 2018-19 had been 35% greater than the variety of returns in 2013-14.

“During 2016-17, 8.03 lakh returns were filed by corporate taxpayers; this increased to 9.42 lakh in 2017-18. Operation clean money was launched after demonetisation. Self-assessment tax of more than Rs 13,000 crore was paid by targeted non-filers,” mentioned BJP.

BJP mentioned that the actual property sector had turn out to be a very simple approach for black cash transactions and post-demonetisation, the actual property sector is now extra clear, organised, dependable and favorable to patrons.

“India’s tax/GDP ratio drastically improved after demonetisation,” mentioned BJP.

Earlier on November Eight in 2016, Prime Minister Modi had introduced to ban all foreign money notes of upper denomination of Rs 500 and Rs 1,000 from midnight.

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