Four years of demonetization have completed. On 8 November 2016, at 8 pm, Prime Minister Modi announced a sudden demonetization, in which 500 and 1000 notes were immediately stopped. On this occasion, Prime Minister Narendra Modi on Sunday counting its benefits, said that it has reduced black money and due to demonetization, there has been good compliance in tax matters. Along with PM Modi, Finance Minister Nirmala Sitharaman also said in favor of demonetization that this decision implemented four years ago, curbed black money, and gave a lot of strength to the digital economy.
On the other hand, the opposition has always been against of the decision of demonetization. In such a situation, Rahul Gandhi attacked the government fiercely and blamed the demonetization for the declining level of the Indian economy.
#DeMolishingCorruption
Prime Minister Modi tweeted on the completion of 4 years of demonetization, writing that “Demonetisation has curbed black money and seen better compliance on the tax collection front. The demonetization decision has increased transparency. Its results are national. It has been very beneficial for progress.”
Along with his tweet, Prime Minister Modi also shared a graph describing how demonetization has done tremendous work on the tax collection front. #DeMolishingCorruption was also used with InSub.
Nirmala Sitharaman tweeted that “Demonetisation was decided 4 years from today to make the country corruption-free. This decision has brought unprecedented curbs on black money and also seen better compliance on the tax front. With this, the digital economy has become more powerful.”
The Bharatiya Janata Party too, with its official Twitter handle, called the demonetization decision a boon for the real state. The tweet stated that the real estate sector remained an easy method of black money transactions and after demonetization, the real estate sector proved more transparent, reliable, organized, and favorable to buyers.
Government criticized under the pretext of demonetization
Rahul Gandhi has always called the demonetization decision wrong. On the completion of four years of demonetization, the Congress leader released the video saying that the purpose of Prime Minister Modi’s move was only to help his ‘industrialist friends’, it has ruined the Indian economy.
Rahul said that “The government always says that the reason for this state of the Indian economy is Covid, but Covid-19 is also in Bangladesh, China, and elsewhere. The reason for this state of the economy is not Covid but demonetization and GST. 4 years ago, Prime Minister Modi had earlier launched an attack on the Indian economy, which damaged the farmers, workers, and small shopkeepers. Manmohan Singh Ji said that the economy will be damaged and this is what we saw. Prime Minister Modi said that it was a fight against black money but there is nothing like this.”
Gandhi alleged that “ModiJee implemented ‘flawed GST’, which devastated small and medium businesses. But he just cleared the way for his three-four bourgeois friends. Through the decision of demonetization also Prime Minister Modi wanted to give your money to friends of his, you stood in line but there was no industrialist friend in that line. People kept their money in banks, PM Modi gave it to his friends and granted the loan of Rs. 3 lakh 50 thousand crores.”
The Congress is celebrating the fourth anniversary of demonetization as ‘Day of Betrayal’. On the agricultural laws also, Rahul Gandhi attacked Modi and said that “farmers are being targeted through three new agricultural laws, this system will destroy the farmers. PM Modi ruined India’s pride – it’s economy. We have to make India together again.”
However, the BJP retaliated to all the allegations, saying that the demonetization was a courageous decision. Institutional financial corruption had become common during the UPA government’s tenure. This helped clean up the economy and formalize tax aggregation.
