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India To Observe ‘Anti-Black Money Day’ On November 8!

Finance Minister Arun Jaitley
By World Economic Forum from Cologny, Switzerland (Arun Jaitley) [CC BY-SA 2.0], via Wikimedia Commons

NEW DELHI: Still remember the word 'demonetization'? Well, it is not an exaggeration if one says that the ill-effects of demonetization are still lying afresh in the memories of Indian citizens. Those awful memories of standing in queues before the ATMs and managing daily affairs with cash crunch are the ones which cannot be forgotten so easily.

However, a majority of the Indian citizens did support the demonetization move despite going through temporary hardships. This is because of the belief in the Narendra Modi led government, which said that the move will unearth treasuries of black money which remained unexcavated during the UPA regime. Recently, the statistics released by the Reserve Bank of India in September revealed that 99% of the demonetized currency came back into circulation, creating a doubt in the citizens that  the 'demonetization move' may be a failure. The government and BJP feels that the people have understood demonetization because it is giving a resounding response to the BJP is all elections, said Jaitley.

Despite being a failure move, it is surprising to see the Central government moving forward with the agenda of spreading the success of demonetization move, which saw the scrapping of Rs 500 and Rs 1000 notes through an announcement made by the Prime Minister Narendra Modi on November 8. Speaking to the media, Finance Minister Arun Jaitley said that the Central government will try to bring awareness to the public on various initiatives taken by the Central government to combat black money on the eve of Anti-Black Money day. He further criticized the previous NDA government of not taking necessary steps to battle corruption and black money in the earlier stage.

"They were in power for two consecutive terms but what they (Congress party) did is to sit in hibernating mode. When our government is doing things which they haven't, instead of supporting us for the larger interest of the nation, they are only focused on criticism", Mr. Arun Jaitley said.

On the other hand, the Congress Vice-President Rahul Gandhi questioned the Central government to first explain the motive behind introducing the Rs 2000 notes before observing the 'Anti-Black Money day'. "They want to celebrate anti-black money day now. What they did is scrapping Rs 500 and Rs 1000 notes so as to bring out the hidden currency in homes. So, what made the government introduce Rs 2000 notes, isn't making lives easier for black money stackers? Now you can hide greater amount in a very less space!", Rahul Gandhi said. He also added that because of the improper planning of the government, the growth rate fell to 5.7 which was estimated to be 6.8 for the quarter.

 

 

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