New Delhi, November 7: Finance Minister Arun Jaitley on Tuesday said that demonetisation was a watershed moment in the history of Indian economy. A day ahead of the first anniversary of demonetisation of Rs 500 and Rs 1,000 notes, Jaitley hit back at those calling note ban “loot” and said that it was a moral anti-black money drive. Also Read - Four Years of Demonetisation: PM Modi Hails Transparency, Congress Calls it 'National Tragedy'

“An anti-black money drive is a moral step, loot is what happened in 2G, in Commonwealth Games 2010 and in coal block allocation,” Jaitley said taking a dig at the Congress. Also Read - Late Arun Jaitley's Son Rohan Files Nomination For DDCA President's Post

Jaitley’s comments came shortly after former prime minister Manmohan Singh yet again called demonetisation a monumental blunder. “I repeat what I said in the parliament, this was organised loot and legalised plunder. 8th November was a black day for our economy and indeed our democracy,” Manmohan Singh said stepping up the Opposition’s protest against demonetisation. Also Read - 'Miss my Friend a Lot,' Says PM Modi on 1st Death Anniversary of Arun Jaitley; Many Political Leaders Pay Tribute

Jaitley responded to Dr Singh, saying, “All that Dr Singh has to do is to compare global credibility of Indian economy pre 2014 and post 2014.”

While Jaitley said that demonetisation was not a one off solution and to every single problem, but “it certainly has shifted the agenda.” “Terror funding was squeezed because of demonetisation, shell companies also being easily identified,” Jaitley added.

A year ago the government had scrapped Rs 1,000 and Rs 500 notes which has helped in eliminating fake notes, flushing out black money and reducing cash in circulation, Jaitley said.

Prime Minister Narendra Modi also listed down seven benefits of demonetisation on his website on Tuesday. PM Modi called demonetisation ‘a blow to terrorism and Naxalism’, ‘India’s highest ever unearthing of black money’ and much more.