Govt ban on Rs.500 & Rs.1000 notes completes one year today

Government ban on 500 and 1000 rupee notes completes one year today. Prime Minister Narendra Modi announced the demonetisation in an unscheduled live televised address last year this day at 8 pm.

He declared that use of all 500 and 1000 banknotes of the Mahatma Gandhi Series would be invalid past midnight, and announced the issuance of new 500 and 2000 bank notes of the Mahatma Gandhi New Series in exchange for the old banknotes.Government says the measure succeded in curtailing the shadow economy and crack down on the use of illicit and counterfeit cash to fund illegal activity and terrorism.

Addressing the media in New Delhi yesterday, Finance Minister Arun Jaitley termed demonetisation as a watershed moment in the history of country's economy. He said it was a structural reform under the leadership of Prime Minister Narendra Modi and more money came in mutual funds, capital market after demonetisation.

Around 18 lakh suspicious cases were identified post note ban where cash deposits did not match the tax profile of the depositor. Over 23 lakh bank accounts with 3.6 lakh crore rupees are under the scanner.The demonetization was done with an aim to curb financing of terrorism and left wing extremism and also to give a boost to digitalization of payments to make India a less cash economy.

A research reveal



that stone pelting incidents in Kashmir came down by 75 per cent and incidents of Left Wing Extremism decreased by more than 20 per cent as compared to previous year. Apart from this, 7.6 lakh pieces of counterfeit currency were detected.

It also led to 26. 6 per cent increase in the number of new tax payers from 66.5 lakh in 2015-16 to over 84 lakh in 2016-17.Ruling BJP is observing the day as anti black money day throughout the country to highlight anti graft steps taken by the government. Senior party leaders and Union ministers will participate in events.

Information and Broadcasting Minister Smriti Irani will flag off Digital Rath to intensify adoption and access of digital payments among traders and consumers. Women and Child Development Minister Maneka Gandhi will address a press Conference highlighting the steps taken by her Ministry to prevent leakages and anti-corruption measures. Environment Minister Dr Harsh Vardhan will lead a march to mark the day in North Delhi.

Meanwhile the opposition parties including Congress, Left and Trinmool Congress will observe the day as Black day and hold protest at different places in the country. In Delhi, Pradesh Congress committee is organizing a human wall in which senior party Leader Ghulam Nabi Azad, P C Chacko and Ajay Maken will participate.