Government’s Fight On Note Ban Not Ended

Recently, RBI released an annual report, which stated that about 99 percent of the demonetised notes that had high value came back to the system. This led to the Modi government ramping up their outreach on social media in defence of the demonetisation. The finance ministry said that they still expect a higher dividend from RBI for the fiscal year of 2017 to 2018.

The #DemonetisationSuccess became the top trend in India on Twitter and almost every minister from the Council operating under Modi tweeted on the platform. Some bureaucrats and government ministers even organized press conferences.

On Thursday, Arun Jaitley, the Finance Minister addressed the audience at an event in New Delhi. He stated that a large amount of wealth that was previously unaccounted has come back to the banks and none of the anonymous people now own black money. This event was organized by The Economist.

He said that with the progress of demonetisation, people started discovering several ways in which they could get their money deposited to the bank and did not care about the consequences that would follow. He added that initially there was anonymity floating around in the system, but now it has come to an end. Every penny that has been deposited in the bank has been identified with its respective owner.

Prior to this, in a media briefing held on Wednesday, Jaitley had attacked all the critics of demonetisation and had said that the main aim of demonetization was to formally attack the black money problem, less currency of cash, bigger base for taxes, digitisation and give a massive blow to terrorism. The aspect of digitisation has seen the maximum result out of others.

All this shows that the Modi government will leave no stone unturned in trying to fight the issue of black money in India.

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