One year of demonetisation: Government observes 'Anti Black Money Day'

It has been a year since Prime Minister Narendra Modi appeared on the national television and announced the scrapping of Rs 500 and 1000 currency notes.

The BJP is celebrating the first year anniversary of Demonetisation as "Anti Black Money Day"while the Congress along with other opposition parties is observing the day as "Black Day".

The PM assured that the scrapping of the currency noteswill help in countering the growing corruption, killing black money, counterfeit notes and cut down funding to terrorists.

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Claiming it to be a pro-poor move he said that demonetisation will root out inequality from the society.

PM Modi asked the country to unite in the larger objective of a cleaner society.

However, since the past one year, there has been a constant criticism of the "Modipolicy".

The Opposition has claimed that the policywas responsible for job losses, GDP downfall and destroying small business, besides the physical pain that the people suffered in long queues.

On the eve of the first anniversary of Demonetisation former prime minister Dr. Manmohan Singh said, "Demonetisation was a black day for economy and democracy".

But the govt has maintained that the policy implemented has achieved its set goals.

Finance Minister Arun Jaitley said thatdemonetisation has led to a significant decrease in terror activities in Jammu and Kashmir and Chhattisgarh.

He claimed that the total fake currencies seized after demonetisation accounted to Rs 11.23 crore

The Reserve Bank of India recently claimed that 99 per cent of the old Rs 500 and Rs 1000 notes amounting to Rs 15.44 lakh crore have come back to the banking system.

The government also said that about Rs 17,000 crore has been recovered from income tax raids after the implementation of the policy.

The government also claims that demonetisation has led to an increase in tax base with 9.1 million new taxpayers. They have stated an increase of 24 per cent in tax collections.

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