Arun Jaitley defends demonetisation on its 2nd anniversary in a Facebook post. (File)
On second anniversary of demonetisation, Finance Minister Arun Jaitley says aim not to confiscate cash but to get it into formal economy even as the opposition is leaving no stone unturned to keep the pressure on the government on the note ban. In a Facebook post, he described Prime Minister Narendra Modi’s overnight ban on higher currency notes on November 8, 2016, as a “key step in a chain of important decisions taken by the government to formalize the economy”. Calling it a “black day”, the Congress said Prime Minister Narendra Modi should apologise to the nation for destroying the economy.
On November 8, 2016, PM Modi had made the controversial announcement during a televised speech delivered at 8:15 pm, scrapping existing Rs. 500 and Rs. 1,000 notes with immediate effect. He said the objective of the exercise was to curtail black money and reduce the part played by counterfeit currency in funding terrorism and other illegal activities.
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CPI(M) leader Sitaram Yechury said that PM Modi has “singlehandedly destroyed the economy, lives and livelihoods.”
West Bengal Chief Minister Mamata Banerjee said that demonetisation was a “disaster”for the country on its second anniversary.
Former Prime Minister Manmohan Singh in a statement said, “It is often said that time is a great healer. But unfortunately, in the case of demonetisation, the scars and wounds are only getting more visible with time.”
Finance Minister Arun Jaitley defends demonetisation move
Finance minister Arun Jaitley said demonetisation “targeted the black money outside India…details of all accounts and assets abroad, which have reached the Government, resulted in action against the violators”.
On November 8, 2016, Prime Minister Narendra Modi announced the scrapping of 500 and 1,000-rupee notes in circulation.