Hailing the decision of Prime Minister Narendra Modi to demonetise two high value currency notes of Rs 500 and Rs 1,000, Union Minister of Railways Piyush Goyal on Wednesday said that the decision was aimed at blocking the flow of black money and note ban moved India towards greater formalisation of its economy.
Mentioning Reserve Bank of India’s statistics, the Minister said almost Rs 6,00,000 crore of black money never found its way back in the banks but post demonetisation money started coming back in the banks in forms of scrapped Rs 500 and Rs 1,000 currency notes. Now the money collected by the banks was being used to strengthen economy, he claimed.
“During its rule, the Congress party never dared take any bold decision in the interest of nation. On the contrary scams of lakhs of crores of rupees including commonwealth Games, coal, 2G etc occurred under Congress led Government,” said Goyal while addressing a press-conference at Ahmedabad.
Note ban made India’s economy transparent he said adding that as result of demonetisation more than two lakh shell companies have been deregistered and the bank accounts used to deposit unaccounted money could be identified. According to him, funding to terrorist activities as well as Naxal movement had gone down drastically post demonetisation.
The tough decision of demonetisation taken by BJP led NDA Government on November 8, 2018 indicated the political will and readiness of current Government at the Centre for the interest of the nation. He claimed that people across the nation supported the intention of the Modi Government at Centre.
Speaking on GST, the Minister said that Congress party and its leader were worried that luxurious cars got expensive post GST. Terming the new tax regime pro-poor, he went on to say that in the long run GST would improve businesses.