Demonetisation helped reduce black money, increased tax compliance, gave boost to transparency, says Modi

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Demonetisation helped reduce black money, increased tax compliance, gave a boost to transparency, says Modi

Taking to Twitter, Prime Minister Modi listed the beneficial outcomes of demonetization.

On the fourth anniversary of demonetization, Prime Minister Narendra Modi on Sunday said it has helped reduce black money, increase tax compliance and formalization, and given a boost to transparency. On November 8, 2016, Prime Minister Modi announced the decision to ban all currency notes of higher denomination of ₹500 and ₹1,000 from midnight.

Taking to Twitter, Prime Minister Modi listed the beneficial outcomes of demonetization.

“Demonetisation has helped reduce black money, increase tax compliance and formalization, and given a boost to transparency,” he tweeted.

“These outcomes have been greatly beneficial towards national progress,” Mr. Modi said on Twitter using the hashtag ‘DeMolishingCorruption’

Along with his tweet, the Prime Minister also shared a graphic on how demonetization has ensured better tax compliance, improved tax, and GDP ratio made India a lesser cash-based economy and gave a boost to national security.


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