Four Years Completion Of Demonetisation Has Helped Reducing Black Money: PM Modi
New Delhi: On Sunday, on the occasion of the completion of four years of demonetisation, Prime Minister Narendra Modi said that it has helped in reducing black money.
At the same time, he said that demonetisation has increased tax collection and increased transparency. Prime Minister Narendra Modi had announced the closure of 500 rupees and 1000 rupee notes from the midnight of November 8, 2016, which were in circulation at the time.
PM Modi on Twitter today highlighted the benefits of his government’s decision to demonetise. He tweeted, ‘Demonetisation has helped reduce black money, increase tax compliance and strengthen transparency’. He said, “These results have been very beneficial for the progress of the country.”
The Prime Minister has also shared a graphic with his tweet, showing how demonetisation has increased tax collections, increased tax and GDP ratios, made India a less cash-based economy and strengthened national security.
Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency.
— Narendra Modi (@narendramodi) November 8, 2020