Affirming that demonetisation was an “effective counter to terror funding", and the use of black money and fake currency in the country even as it also "facilitated" the high growth of digital economy, the BJP on Monday welcomed the Supreme Court verdict on the demonetisation process as "historic".
The ruling party questioned the Congress for selecting the “minority ruling” and not commenting on the "majority judgment" that ruled demonetization as fair and valid decision of the government. The party also wondered whether Congress leader Rahul Gandhi would apologise for launching a caustic campaign against the demonetisation and venomously targeting Prime Minister Narendra Modi.
Addressing a press conference here after the apex court verdict, former law minister and senior BJP leader Ravi Shankar Prasad found it curious that the Congress was reading the minority ruling and not the majority judgment and condemned former Finance Minister P Chidambaram for calling it a “slap on the wrist of government”. Chidambaram’s “uncharitable comment is condemnable”, he said. Prasad said even the dissenting judge has also said the policy was “well-intentioned”. The Supreme Court in a 4:1 majority verdict upheld the government's 2016 decision to demonetise Rs 1,000 and Rs 500 denomination notes, saying the decision-making process was not flawed.
Prasad asserted that the demonetisation done in 2016 proved to be the "biggest blow" to terrorism by curbing terror funding. It boosted income tax and cleansed the economy, he claimed. "It is a historic decision and is in the national interest. The Supreme Court has held a decision taken in the national interest valid. Will Rahul Gandhi now say sorry for his campaign against demonetisation? He spoke against it even abroad," he said at a press conference.
India has become a global leader in digital payment which was boosted after demonetisation, he told reporters, noting that the country notched up over 730 crore digital transactions worth over Rs 12 lakh crore in October this year alone. Prasad said it is a "very important" decision and added the whole exercise was undertaken for valid causes, including removing fake currency and curbing terror funding and money laundering. The BJP leader said the court has noted that the government has a right to take a policy decision and rejected the argument that appropriate consultation with the Reserve Bank of India was not done.
In sum and substance, the apex court looked at the entire decision-making exercise and found the process fair and reasonable, he said, hitting out at the opposition party for raising a "big storm" against the demonetisation. Rahul understands an issue only after a Supreme Court verdict, Prasad said, in a swipe at the former Congress president.
The former Union minister said Rahul "abused" Prime Minister Narendra Modi in his campaign during the 2019 Lok Sabha polls against the alleged corruption in the Rafale deal and stopped after the apex court adjudicated on the matter and rejected the demand for a probe. Prasad said the demonetisation resulted in reducing the share of the informal economy from 52 per cent to 20 per cent, he said, alleging that the Congress promoted and protected informal elements of the economy.
The government did not stop at demonetisation and brought the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act in 2015 to curb illicit money, he said, claiming that this resulted in bringing over Rs 65,250 crore under the Income Tax scanner.
Prasad said the demonetization, besides putting a check on the terror funding, also led to examining of the records of Popular front of India. The BJP leader said following the demonetisation “Huriyat offices were also closed”.