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Notes ban was greatly beneficial, says PM Modi

On the fourth anniversary of demonitisation when the central government decided to ban all Rs 500 and Rs 1,000 currency notes in circulation, Prime Minister Narendra Modi on Sunday defended the move, saying it had reduced corruption and increased transparency. "These outcomes have been greatly beneficial towards national progress," the Prime Minister added. He also used the hashtag "DeMolishingCorruption" and posted graphics suggesting that demonetisation led to better tax compliance, improved tax and GDP ratio while lowering Indian economy's dependence on cash and giving a boost to national security.

On November 8, 2016, with four hours' notice, PM Modi had announced the decision to ban Rs 500 and Rs1,000 notes from midnight.People stood in queues for weeks at ATMs and banks to withdraw new notes which were rationed, plunging businesses into chaos. In a famous speech, he asked people to bear the pain for 50 days and if the situation did not improve, he said, he was ready for "any punishment". It took months for people to get the cash they needed and India's annual economic growth slid from 8.25 per cent in 2016 to 5.02 per cent in 2019, according to the World Bank.On the fourth anniversary of the decision on Sunday, PM Modi tweeted.

 

 

The Congress on Sunday observed the fourth anniversary of demonetisation as 'Vikshwasghaat Diwas' by holding demonstrations in various parts of the country. Former union finance minister P Chidambaram said the BJP-led NDA government did great harm to India's economy on November 8th, 2016.

 

 


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