India

Demonetisation biggest success: BJP

Demonetisation biggest success: BJP

New Delhi: The BJP today rejected the opposition’s criticism of demonetisation, saying it has been the “biggest success” as it has proved to be a major step towards establishing a “clean and honest” economic order.

All suspected black money transactions with banks are under the government’s scanner and those found having deposited unaccounted cash will be taxed. It will give a boost to revenue collection, Union minister Piyush Goyal said.

Demonetisation has been the biggest success. It has made all the money deposits in banks traceable and the economy clean. It also enhanced liquidity with banks, resulting in lower taxes and more money for welfare measures,” he said.

Dismissing the opposition’s attack on the government, Goyal claimed that those criticising the measure do not understand economics.

Demonetisation instilled a sense of “fear” among tax evaders and increased compliance among people, leading to the “success” of the Goods and Services Tax.

“It has been a big step towards creating a clean and honest economic order,” he said, adding that it has led to a huge increase in digital transactions.

It has also led to creation of massive data for the government, he said.

–PTI