Four Years Of Demonetisation: PM Modi Defends Move, Says It Axed Corruption, Invoked Transparency

PM Modi had announced the decision of demonetisation on November 8, 2016, with four hours' notice, after which people thronged ATM Centres and banks to withdraw new notes.

India   |   9 Nov 2020 7:37 AM GMT / Updated : 2020-11-09T13:49:36+05:30
Writer : Rakshitha R | Editor : Prateek Gautam | Creatives : Abhishek M
Four Years Of Demonetisation: PM Modi Defends Move, Says It Axed Corruption, Invoked Transparency

Image Credit: Indian Express

Four years after the decision to scrap ₹500 and ₹1,000 notes, Prime Minister Narendra Modi on Sunday, November 8, defended the move saying that it reduced corruption and increased transparency.

On the fourth anniversary of the decision on Sunday, PM 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. #DeMolishingCorruption."

PM Modi had announced the decision on November 8, 2016, with four hours' notice, after which people thronged ATM centres and banks to withdraw new notes.

Although the Prime Minister had asked the citizens to bear the pain only for 50 days promising that the situation would improve later, it took months for people to get the cash they needed with many businesses dragged to chaos.

Meanwhile, Union Minister Nirmala Sitharaman said demonetisation led to better tax compliance and a major push towards a digital economy. In one of her tweet, she said, "To fulfill its promise of freeing India from corruption, the Modi government implemented Demonetisation 4 years ago on this day, today. The move that was an unprecedented attack on Black Money also led to better tax compliance and a major push to digital economy. #DemolishingCorruption."

"Demonetisation not only brought transparency and widened the tax base, it also curbed counterfeit currency and increased circulation. #DemolishingCorruption," she said in another tweet.

Also Read: Pad Squad: Raising Awareness On Menstrual Health Through Donations, Building A Community Of Volunteers

Suggest a correction

    Help Us Correct

    To err is human, to help correct is humane
    Identified a factual or typographical error in this story? Kindly use this form to alert our editors
  • *
  • *
  • *
  • Form Submitted Successfully
    Error in submitting form. Try again later

Contributors

Rakshitha R

Rakshitha R

contributor

Rakshitha an engineer turned passionate journalist with an inclination for poetry, creative writing, movies, fiction, mountains and seclusion. Not a part of the social process but existential.

Prateek Gautam

Prateek Gautam

Digital Editor

A free soul who believes that it is journalism apart from politics which should stand for the social cause and environment

Abhishek M

Abhishek M

Creative Producer

" An engineer by profession, Abhishek is the creative producer of the team, graphic designing is his passion and travelling his get away. In more ways than one, he makes the content visually appealing."

Next Story