FinMin says, BJP will celebrate Demonetisation anniversary on Nov 8

BJP to observe 8th November as anti-black money day

But you would be shocked to know that the ruling BJP will mark the first anniversary of demonetisation on November 8 as "anti-black money day".

"The Congress and those making comments on this have not understood the objective of demonetisation", charged Union finance minister Arun Jaitley in a press conference.

The finance minister also rejected the criticism that note ban decision did not expose black money, saying it came from those who did not understand its objects.

Jaitley also underlined that the objective behind the demonetization move was "not to confiscate money" from people, but to increase tax base and squeeze illegal transactions, counterfeit money, terror funding, cash transactions, and to increase digital transactions. "The Congress had adequate opportunity to be in power. It is wrong to say that India's economic fundamentals are strong and the claim that India's economy is the world's fastest growing economy is factually incorrect", said Sharma.

"It is understandable that it will never be on the political agenda of their leadership. On November 8, the BJP will celebrate "Anti-Black Money Day" and mobilise people in favour of the steps taken against black money", Jaitley told reporters in New Delhi.

The Narendra Modi government faced severe criticism for the sudden decision to ban high denomination notes on November 8 a year ago.

"After demonetisation, what is the amount of black money that government got?"

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"Cash is bearer money in the system and its ownership is not known".

"About 150 people died because of demonetisation and there has been no accountability from the government for this human tragedy", he added.

The meeting was attended by Azad, O Brien, Yadav, Communist Party of India (CPI) Member of Parliament D. Raja, Dravida Munnetra Kazhagam (DMK) Member of Parliament Kanimozhi and Bahujan Samaj Party (BSP) Member of Parliament Satish Mishra.

Earlier, Jaitley said, "From today to November 8, the BJP will develop public opinion in support of the government's anti-black money steps".

The Finance Minister said the BJP would carry forward the debate by the opposition to polarise people against black money through its own campaign.

It was observed that the amount expense of demonetization and printing of new notes were much higher than the black money expected and yet to return.

However, the BJP's claim that demonetisation helped curb black money seems hard to digest considering that the RBI has gone on record to state that 99 per cent of the demonetised currency had made its way back into the banking system - in effect meaning that the black money in circulation in the Indian economy before November 8, 2016 had been turned legitimate by its hoarders who managed to deposit their illicit money into bank accounts.

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