Time PM Modi introspects ills of demonetisation, quits: Congress

Posted October 27, 2017

While the Opposition announced on Tuesday that they would mark November 8, 2017, as "Black Day", Finance Minister Arun Jaitley addressing a press conference on Wednesday said that the BJP would celebrate November 8, 2017, as "Anti-Black Money Day" across the nation.

The statement went on: "A government that came to power on the promise of bringing black money of Rs 80 lakh crore and depositing Rs 15 lakh in every Indian's account stands exposed today for its abject failure, utter falsehood and rampant corruption".

"In contrast, the Finance Minister said demonetisation was a "very big step" that rendered India a less-cash country, affected a squeeze on the cash economy, digitalised commercial transactions and expanded the tax base".

He pointed out that sale of gold through digital transactions doubled this time on "dhanteras" festival.

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"Instead of apologising for the death of over 150 people and unprecedented strike on livelihood of common Indians, the BJP is so drunk with power that it wants to celebrate the "Demon of Demonetisation", said the two Congress leaders.

The government had then said that the action would curtail the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.

"It is understandable that it will never be on the political agenda of their leadership. I can quite understand their discomfort". "On November 8, the BJP will celebrate "Anti-Black Money Day" and mobilise people in favour of the steps taken against black money", Jaitley told reporters in New Delhi.

Addressing a press conference here, Jaitley also attacked the Congress over its criticism of the demonetisation drive announced on November 8 a year ago. So, for entry into the lawful system, you are liable to pay tax.

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"Cash is bearer money in the system and its ownership is not known".

The Congress accused Jaitley of giving people an untrue picture on the state of the country's economy and alleged that the Government lacked a plan to put the economy back on track. Prime Minister Modi had announced withdrawal of old Rs 1,000 and Rs 500 currencies from circulation on November 8, 2016. Black money has not returned at all.

The meeting was attended by Azad, O Brien, Yadav, Communist Party of India (CPI) Member of Parliament D. Raja, Dravida Munnetra Kazhagam (DMK) Member of Parliament Kanimozhi and Bahujan Samaj Party (BSP) Member of Parliament Satish Mishra.

It was observed that the amount expense of demonetization and printing of new notes were much higher than the black money expected and yet to return.

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Opposition leader Rahul Gandhi in his rallies in Gujarat had dig at the BJP over "failed" demonetization and GST.