Under demonetisation or "Notebandi", Prime Minister Shri Narendra Modi, on 08th November 2016, had announced that currency of Rs 500 and Rs 1000 ceased to be legal tender. The Government had announced new notes of Rs 500 and Rs 2000.
One year has been passed since demonetisation and we can clearly see the significant change the demonetisation drive has brought in the country in terms of fight against corruption and black money. Today, the BJP-led NDA Government's decision of demonetisation has proved to be a right step in direction of tackling the menace of corruption & black money.
The demonetisation drive has got tremendous success in tackling corruption and unearthing black money worth lakhs of crores of rupees in the last one year. Demonetisation has been successful in achieving all its targets- to crack a whip against black money, fight counterfeit currency in circulation, formalisation of cash-dependent businesses, bringing back money lying idle in the country’s banking system and hitting hard at the financial backbone of funding for terrorism and Naxalism. A larger tax base, more digitization, lesser cash, integration of the informal economy with the formal economy was also the principal objective of demonetisation.
Demonetisation has also broken the backbone of terrorism and Naxalism in the country. Terrorism and Naxalism, which were heavily reliant on black money, had been effectively neutralised thorough the Central Government’s demonetisation drive. There has been a significant decline in stone pelting incidents and terror activities in Kashmir and Naxal attacks in the country after demonetisation as the drive hit hard on funding of terrorism and Naxalism.
Our Government’s commitment to transparency and good governance has ensured blockade of “loot lobby and middlemen” who were active in “corridors of power” during the Congress-led UPA Government. While we are observing “Anti Black Money Day” on 08th November 2017, the Congress is observing “Black Day” to protest against demonetisation drive.
The Congress-led Government’s tenure was marred by a series of scams such as Commonwealth Games scam, 2G Spectrum scam, Coal blocks allocation scam. These scams worth lakhs of crores of rupees severely damaged the Indian economy. Scams also dented the image of our country. The money meant for welfare of the poor was looted in these scams.
The Modi Government from its very first day had launched campaign against corruption and black money. On its first day in office, Prime Minister Narendra Modi-led Government had constituted a Special Investigation Team or SIT to unearth and bring back black money stashed away abroad. Our commitment against corruption can be gauged by the fact that not a single case of corruption has taken place in the about last three years of the NDA Government.
While on one hand, measures taken by our Government to eradicate corruption has ensured that the public money is being utilised for socio-economic-educational welfare of the poor and weaker sections, on the other hand these measures have created panic among corrupt. The Congress and its allies, who had earlier questioned Surgical Strikes carried out by the Indian Army against terror camps, also criticised the demonetisation process.
The Congress, which ruled the country for about more than 50 years after the Independence, failed to act against corruption and black money during their tenure. The principal Opposition party also failed to realise that the common people of the country supported the demonetisation drive even though they faced some difficulty during the entire process of “Notebandi”.
The people had to stand in queue to change their old notes and to withdraw their money from banks and ATMs. But the people wholeheartedly supported the Central Government’s decision of demonetisation as they knew that this exercise will benefit them and the country in long term. I salute the people for not questioning note ban’s intention despite hardships.Even though our Government at the Centre never thought about politics and elections while taking the decision of demonetisation, the
Congress and its allies termed the Uttar Pradesh Assembly elections in February-March this year a “referendum” on demonetisation. The entire country witnessed the BJP coming to power in Uttar Pradesh with a historic mandate. The BJP has also won several local bodies’ elections in several states after the demonetisation drive. It clearly shows that the people of the country have supported our Government in the fight against corruption and black money.
Only a person of strong will like Prime Minister Shri Narendra Modi can take bold decisions such as “Notebandi”. The demonetisation drive shows how determined Prime Minister Shri Narendra Modi is to combat tax evasion, corruption and black money. Leaders from across the world and various global financial institutions have lauded the Prime Minister for demonetisation drive. The World Bank, American CEOs and others praised Prime Minister Shri Narendra Modi’s decision to ban high-value banknotes as part of efforts to stamp out corruption saying that it will have a positive impact on India’s economy. National and International media also praised the move.
After demonetisation drive, about 3 lakh shell companies’ registration has been cancelled. About 57 lakh new income tax payers have been added. From April to October this year, record 3.78 crore returns have been filed by the people and companies. It was 3.21 crore during the same period last year. A record 6.85 crore tax payers have been registered on e-filing website of Income Tax Department. Among other things, demonetisation has brought digital cash payment awareness in the country.
Under the leadership of Prime Minister Shri Narendra Modi, the measures to strengthen the Indian economy which include several economic reforms are being recognized by the entire world today. India has become a safe and attractive destination for foreign investment. The GDP growth rate remained below 5 per cent during the UPA. But the GDP growth rate has been above 7 per cent during the last 3 years of the NDA Government.
India has got great success on the economic front. In the recently issued World Bank report, India has jumped a massive 30 places to 100 in the World Bank's ease of doing business rankings in 2017. It was 130 in the previous year.