New Delhi: The Narendra Modi government on Sunday celebrated four years of the historic demonetisation move when Rs 1000 and Rs 500 notes were scrapped in a sudden announcement one fine evening in order to combat black money and increase tax compliance. Also Read - PDP's Waheed Parra Remanded to 15-Day NIA Custody for Alleged Connections with Hizbul Mujahideen
Earlier today, Prime Minister Modi tweeted: “Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency. These outcomes have been greatly beneficial towards national progress.” Also Read - Amarinder Singh Condemns Haryana Govt's Attempts To Prevent Farmers March To Delhi
PM Modi had made the demonetisation announcement during a televised speech delivered at 8:15 pm on November 8, 2016, scrapping two of the highest valuing notes – accounting for 86 per cent of all currency notes in circulation in value – with immediate effect.
The government had asserted the move will not only curtail black money but also reduce the part played by counterfeit currency in funding terrorism and other illegal activities.
While the move was touted by many, it was heavily criticised by the opposition leaders.
“Demonetisation was a deliberate move of the PM to forgive millions of crores of money of ‘ Modi-mitra ‘ capitalists with the money of the general public. Don’t be mistaken – there was no mistake, it was deliberate. On four years of this national tragedy, you should raise your voice too,” Congress leader Rahul Gandhi tweeted in Hindi today.
“Farmers, labourers & traders have been destroyed. The rural economy has been shattered completely due to demonetization. RBI itself has said that 99.3% of money has been deposited back with them,” Rajasthan CM Ashok Gehlot said on the fourth year anniversary of demonetisation.
It must be noted that the unprecedented move caused panic across the country and led to the death of at least 115 people who stood in long queues for hours to withdraw money from their bank accounts.
Although the Reserve Bank of India (RBI) gradually introduced new Rs 500 and Rs 2,000 notes, the pace of remonetisation was extremely slow and lasted over months.