Demonetisation anniversary – Narendra Modi Thanked People for Supporting decisive battle


Demonetisation anniversary: On November 8, 2016, the Narendra Modi-led government had withdrawn Rs 500 and Rs 1000 currency notes from circulation, in a bid to curb corruption and black money. It wasn’t really a familiar economic term for an average person in India. That, however, changed on the evening of 8 November 2016, when Prime Minister Narendra Modi appeared on national television and announced the scrapping of Rs 500, Rs 1,000 currency notes effective from the midnight. The RBI, a custodian of currency, seemed to have very little role to play throughout the demonetization exercise from Day One. Modi sold his big move with three original goals to 125 crore Indians — kill black money and counterfeit notes and root out terror funding. The other targets that were subsequently added in the government-narrative were killing corruption, creating a cashless economy and expanding the tax base and revenues.

Demonetisation anniversary – Narendra Modi Thanked

As Per Reports “0.00011% of India’s population deposited almost 33% of total cash in the country!”, said the government.Demonetisation also led to a “massive cleansing” of India’s financial system+, the Centre said in the advertisement.”In a surgical strike on shell companies, 2.24 lakhs companies (were) struck off…58,000 bank accounts belonging to 35,000 companies (were) caught transacting Rs 17,000 crore after demonetisation,” said the government.

For bankers, a 9-to-5 job turned into a 24×7 slog after demonetisation. Panicked customers, skipped meals, confusing rules, and immense pressure — four bank employees from different parts of the country tell Moneycontrol about their experiences in the weeks after demonetisation was announced

Prime Minister Narendra Modi ‘bows’ to Indians for supporting government measures against corruption. Follow this space for more updates on the noteban anniversary.

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