Demonetisation was backed by country: Dharmendra Pradhan

Union minister Dharmendra Pradhan said that demonetisation undertaken by the Centre last year was backed by the country's 125 crore people.According to him, the move promoted cashless economy and widened tax base, besides controlling black money.

Following success of the bold step, the first anniversary of demonetisation would be celebrated on November 8 as 'anti-blackmoney day' across the country, he said.

As part of the country-wide celebrations, the day would also be observed in Odisha



under the leadership of party's state unit President Basant Panda, Pradhan said.

Stating that 99 per cent of the banned notes of Rs 500 and Rs 1,000 denominations were back in the banks, Pradhan said it made sources of all unaccounted and illicit money clear.

He said around Rs 3.68 lakh crore and 23 lakh accounts were now under scrutiny following demonetisation. Similarly, banks and financial institutions are investigating 4.7 lakh suspicious transactions, he added.