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Published: Thu, November 09, 2017
Global Media | By Abel Hampton

Demonetisation anniversary: Jaitley tears into Congress' criticism of economic reforms

Demonetisation anniversary: Jaitley tears into Congress' criticism of economic reforms

Jaitley, however, acknowledged that the "benefits may not be immediately visible" but would make future generations proud.

He also alleged that the fact that nearly 99% of the demonetized currency came back into the banking systems has punctured the government's claims.

The former prime minister wondered who advised PM Modi on note ban."I say it with huge pain and a sense of deep responsibility, that the 8th of November was a "Black Day" for our economy, and indeed our democracy".

Singh and Jaitley were locked in a fresh war of words after the Congress veteran said he is repeating what he said earlier that demonetisation was an "organised loot and legalised plunder".

Singh mentioned how this unprecedented increase of imports by more than Rs 45,000 crores, which is a 23% increase in a year, can be attributed largely to demonetisation and the GST.

Prime Minister Narendra Modi, on 8 Nov 2016 at the strike of midnight had announced that the currency note of 1000 and 500 will no longer be legal in India. He said the twin (demonetisation & GST) blow was a complete disaster for India's economy that had broken the back of small businesses.

"This attitude of suspecting everyone to be thief or anti-national, low level rhetoric is damaging to democratic discourse", the former PM said. "Political leaders must stick to the high end". "Pre-2014, the Indian economy was marred with policy paralysis, and today there is no agency that doesn't hail the reforms taken in Indian economy by Singh", Jaitley said, while addressing the media, here.

Quoting World Bank report, the Home Minister said that India is the fastest growing economy in the world and its result has been visible during past one year.

While Prime Minister Modi did not mention about the aim to reduce cash transactions in his November 8 speech past year, the government, however, later said the note ban was also aimed at to make India a less-cash economy.

He said the BJP believed that economic status quo needed to be shaken up to end corruption. He was replying to a question in regard to demonetization and GST at a press conference in Shimla on Tuesday. And that changed agenda is that we should go towards less-cash economy. "Terror funding was squeezed because of demonetisation, shell companies also being easily identified", Jaitley added.

About 900 searches have been conducted by the department after the note ban, leading to seizures of assets worth Rs 900 crore, including Rs 636 crore in cash.

His visit comes just a day before the Congress Vice President Rahul Gandhi's likely visit to Surat to mark the first demonetization anniversary on 8 November as "Black Day".

"Demonetisation is a big scam".

He said demonetisation had "ethical and moral" rationale behind it and therefore it was also "politically correct".

In a harsh criticism against the move, she branded it as a "devil act" and said the Indian economy has been "ruined".

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