India's ruling Bharatiya Janata Party on Saturday termed demonetisation as a "sacred movement" that was supported by the masses and said that the deposition of black money will lead to "bigger and cleaner GDP".
The economic resolution passed at the party's national executive meeting accused the opposition of trying to discredit the government by criticising the move that was aimed at the "poor's welfare".
"In this sacred movement across the country, the common people were taking upon themselves the temporary suffering of standing in queues with full enthusiasm and positive energy, but the Opposition had become negative with destructive energy to defame the central government and trying to destroy the positive environment of the country," the resolution said.
India's finance minister Arun Jaitley asserted that black money has been returned to the banks because of the currency reform and will lead to development.
"Black money has been deposited in the banks. It has lost its anonymity. The informal economy will now increasingly integrate with the formal economy. This will lead to higher revenues with the States and the Centre. It will lead to the bigger and the cleaner GDP," the resolution said.
Jaitley also claimed that state revenues had not suffered, citing figures, and in states of Uttar Pradesh and Madhya Pradesh numbers had even increased.
The resolution said demonetisation was necessary for decimating the parallel economy of black money and for the smooth functioning of the GST in near future.
BJP supported Prime Minister Narendra Modi's decision at the meeting. BJP's 'Kisan Morcha' (farmer wing of BJP) chief Virendra Singh Mast claimed that wasteful expenditure by farmers was reduced due to demonetisation. The opposition claims that farmers have suffered the most due to cash crunch.
Union minister Nirmala Sitharaman termed the decision as "bold and historic decision".
"The Rs 500 and Rs 1000 notes hidden in mattresses, something people would say symbolically, is now in bank accounts. It will help development," she said.
The ruling party claimed positive reaction towards demonetisation, quoting surveys.
"This is reflected in the fact that even after 50 days, there was not a single major incident in the country. There was no loss of public property and there was no loss of people's patience anywhere in the country."
BJP dismissed allegations that demonetisation was an abrupt decision, claiming that the resolution was taken with full-fledged preparations.
Listing the government's efforts to curb black money leading to demonetization, the resolution cited constitution of a SIT, introduction of Income Declaration Scheme, Jan Dhan Scheme, Black Money Act, Bankruptcy Insolvency Law, DRT Amendment Law and Benami Property Act, Press trust of India reported.
The party named various efforts by the government to promote a cashless, corruption free India through UPI, USSD, AEPS and Rupay Card.
"The BJP firmly believes that digital economy will stop the leakage of taxes. This Government has ended any role of middlemen from its beneficiary schemes like MNREGA, financial assistance to poor students, subsidies to marginal sections including SC/ST/OBC through digital transactions and Direct Benefit Transfers," the resolution said.