November 8 Last Year A 'Watershed Moment', Says Arun Jaitley On Notes Ban

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November 8 Last Year A 'Watershed Moment', Says Arun Jaitley On Notes Ban

Posted on : Tuesday 7th of November 2017

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NEW DELHI:  A day before the government marks one year of demonetization as "anti-Black Money Day", Finance Minister Arun Jaitley said in a Facebook post that that country had moved on to a much cleaner, transparent and honest financial system since the notes ban, which he described as a "watershed moment" in the history of India's economy.

"Benefits of these may not yet be visible to some people. The next generation will view post November, 2016 national economic development with a great sense of pride as it has provided them a fair and honest system to live in," Mr Jaitley said, responding to what he called a debate on whether demonetisation had served its intended purpose.

Indians, he said, were forced to live with the "chalta hai attitude" with respect to corruption and black money, the brunt of which was faced by the middle class and lower strata. "It was a hidden urge of the larger section of our society for a long period to root out the curse of corruption and black money; and it was this urge which manifested in the verdict of people in May 2014," he said.

Mr Jaitley said one of the intended objectives of the notes ban was to put identity on the cash holdings in the economy.  "With the return of Rs.15.28 lakh crore in the formal banking system, almost entire cash holding of the economy now has an address.  It is no more anonymous," he wrote.

He listed in his report card the various benefits of the notes ban:

56 lakh new individual tax payers filing their returns till August 5, compared to about 22 lakh last year.

The leads gathered due to data collected during demonetisation have led to identification of 2.97 lakh suspect shell companies.

Many of these companies are found to have more than 100 bank accounts - one company even reaching a figure of 2,134 accounts.

110 crore transactions, valued at around Rs.3.3 lakh crore and another 240 crore transactions, valued at Rs.3.3 lakh crore were carried out through credit cards and debit cards.

The reduction in incidences of stone pelting, protests in J&K and naxal activities are also attributed to the impact of demonetisation as these miscreants have run out of cash.

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