Demonetization has reduced the amount of black money : Prime Minister Modi

On Nov 9, 2020

New Delhi : Prime Minister Narendra Modi has said that the demonetization has reduced the amount of black money, benefited taxpayers and made the administration more transparent.

An unprecedented decision to ban Rs 500 and Rs 1,000 notes was announced by Prime Minister Narendra Modi on November 8, 2016 and implemented from midnight onwards. Sunday marks four years since the decision was made. In this regard, Narendra Modi has said that the good things that have happened due to demonetizaDeccan Express, Deccan Express English News, DeccanExpress, EnglishNews,Latest English tion have benefited the country immensely. Demonetization has greatly helped in improving the tax structure and GST, increasing the rate of timely payment of taxes. The amount of liquidity in India’s economy decreased.

Prime Minister Narendra Modi also highlighted that India had turned into a lesser cash-based economy with better tax compliance. “Self-assessment tax of more than Rs 13,000 crore was paid by targeted non-filers and 3.04 lakh persons who deposited cash of Rs 10 lakh or more but had not filed their income tax returns were identified. The main objective of the government was to flush out a large amount of black money hoarded in cash, and the long-term objective to convert India’s cash-based economy into a digital one.”

Country’s economy has collapsed – Rahul Gandhi
Prime Minister Narendra Modi’s decision to ban demonetization four years ago has certainly benefited his capitalist friends. Congress leader Rahul Gandhi said that the country’s economy has collapsed.