On the fourth anniversary of demonetisation, PM Modi in his tweet said: “Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency. These outcomes have been greatly beneficial towards national progress. #DeMolishingCorruption.”
Demonetisation has helped reduce black money, increase tax compliance and formalization and given a boost to transparency.
These outcomes have been greatly beneficial towards national progress. #DeMolishingCorruption pic.twitter.com/A8alwQj45R— Narendra Modi (@narendramodi) November 8, 2020
On November 8, 2016, PM Modi made an unexpected announcement of demonetising Rs. 500 and Rs. 1000 currency notes. The aim of this demonetisation was to give a boost to monetary transparency, lessen black money and encourage people for tax compliance. In the initial days of the demonetisation, there was a sense of panic in the public; and false rumours did not help the cause either. It took some time for people to accept this change; however, after four years, it is still being debated whether it had a positive impact.
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