Tomorrow is the first anniversary of demonetization. Yes, Prime Minister Narendra Modi scrapped Rs 500 and Rs 1000 notes on November 8th 2016. This move was to destroy corruption and terrorism in India, fueled by black money in the economy.
Ahead of the one year demonetization anniversary, lets listen to what Finance Minister Arun Jaitley has to say on demonetization. Arun Jaitley has interacted with journalists and addressed the media. This is what FM Arun Jaitley has to say on why demonetization was a success.
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FM Jaitley says, "Demonetization was very necessary to boot out black money." The note ban destroyed terror funding in India. Today, terror funding has been squeezed and shell companies can easily be recognized. Incidents of stone pelting have reduced in Kashmir and Naxal activities have reduced as miscreants have run out of cash.
Law Minister Ravi Shankar Prasad said that the highest ever detection and unearthing of black money has taken place in India after demonetization. More than 17.73 lakh suspicious cases have been identified, where cash deposits do not match tax profile.
About Rs 16,000 Crores has not come back into the system after demonetization. Benami assets worth Rs 1,626 Crores has been seized or attached.
One of the main aim of demonetization was to make India, a less cash economy. Demonetization has done so and November 8th 2016 is now a watershed moment.
SEE ALSO: How ELSS benefits from demonetization
Arun Jaitley says that Indians were forced to live with the "chalta hai" attitude, with respect to corruption and black money. On November 8th 2016, the Government resolved to cure the country, from the dreaded disease of black money.
Middle class and the lower income citizens suffer because of black money. Most citizens in India have long been the enemies of corruption and black money and want to root out the curse of corruption.
The Government constituted an SIT on black money to help root out the curse of black money. The Government also implemented the Banking Act, Black Money act and the Benami Property Transactions Act .
India is a country where more than 97% of transactions were in cash. This obsession with cash, fueled black money and corruption in India. Cash = anonymity. Cash cannot be traced. Demonetization put an identity on cash holdings in the economy.
More than Rs 15.28 Lakh Crores has come back into the economy, and almost the entire cash holdings in the economy, now has an address.
The Government is looking into suspicious transactions ranging from Rs 1.6 lakh crore to Rs 1.7 lakh crore. The Prime Minister Narendra Modi at a conference of tax officials, has asked that data analytics be used to track and determine undeclared income and wealth.
Data analytics can use data like addresses, phone calls, social media interactions, IT returns and even travel trends to nail suspicious bank transactions. Robo-audits can easily compare your tax information with third party data and catch you and other tax evaders.
Arun Jaitley says the benefit of demonetization will not immediately be visible to the people. It's the younger generation which will enjoy these benefits. They will have a fair, clean, transparent and honest system to live in. Be Wise, Get Rich.
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